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- Brown Brothers Harriman (based on Reuters)
Pair's Outlook
In order for USD/JPY to preserve a bullish bias, it is required to rebound from 101.27/19, the key support area that consists of the rising trend-line, 200-day SMA and 50% retracement of the November-December up-move. However, for now the currency pair hesitates to start a recovery, meaning that the demand here is not as strong as it initially appeared. If the sell-off drags on, the next significant line in the sand is the monthly S2 and 61.8% Fibo at 100.
Traders' Sentiment
Just as last week an overwhelming majority of the SWFX market participants are holding bullish views towards USD/JPY, specifically 73% of them. At the same time, the distribution between the orders is heavily skewed towards the buy ones (73%).
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