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- Commerzbank (based on FXStreet)
Pair's Outlook
The USD/JPY remained relatively unchanged on Tuesday, although a surge beyond the 23.60% Fibonacci Retracement was still successful. As a result, the given currency pair could now continue edging up, with the main goal being the 115.00 major level, also where the weekly R1 is providing immediate resistance. However, the 114.50 mark is also a psychological level to consider, as it prevented the US Dollar from climbing higher for three times during the previous week. Moreover, the Buck is now supported by a rather strong demand area, while technical indicators are able to confirm the possibility of the positive outcome.
Traders' Sentiment
There are now 59% of traders holding short positions (previously 62%), whereas the buy and the sell order ratio is now equal to one.
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