© Dukascopy Bank
"The markets are in risk-off mode because everyone is thinking, if Greece leaves the euro, who's next?"
- Mitsubishi UFJ Morgan Stanley (based on Reuters)
Pair's Outlook
USD/JPY was not capable of breaching 80.11 yesterday, but still was able to limit losses near a support at 79.84. The currency pair should keep on struggling with a downtrend and eventually overcome it, paving the way towards 81.49 (55 day SMA) first, then up to 83.11, where a major resistance is located. For now USD/JPY is expected to slide down to 78.79/67, where bullish bias might be reignited.
Traders' Sentiment
Based on SWFX sentiment index the overwhelming majority of market participants (70%) have preferred to acquire the US Dollar against the Japanese Yen. On the other hand, within the closest 100 pips the share of sell orders (55%) in the market slightly outweighs the portion of buy orders (45%), implying mixed signals on the pair.
© Dukascopy Bank