© Dukascopy Bank SA
- Gaitame.com (based on Bloomberg)
Pair's Outlook
There are signs USD/JPY has finally bottomed out at 106.60 after tumbling all the way from 110. Yesterday the pair managed to negate some of the most recent losses, thus confirming strong demand below 107 (38.2% Fibo and 55-day SMA). However, except for the weekly studies, there is no encouragement from the indicators on different time-frames, and only a close above 108 will imply the Buck is ready to challenge the 2014 high once again.
Traders' Sentiment
We continue to observe absence of any substantial difference between the amounts of long and short positions open, meaning the market is undecided. The portion of the former is 48% and the portion of the latter is 52%.
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