© Dukascopy Bank SA
- Barclays (based on MarketWatch)
Pair's Outlook
At the moment we observe a small rebound of USD/JPY from 78.88/85, which is unlikely to extend further, being that overall technical studies are neutral. The currency pair is thus expected to consolidate near the support for now, until a more pronounced signal appears. In case the price commences strong recovery, it will face a confluence of many resistances at 79.35/49, which is now viewed as impenetrable and will take time to be eroded.
Traders' Sentiment
The share of bullish traders has grown up to 71% since yesterday, signifying increasing conviction of market participants the greenback is going to appreciate relative to the Yen. At the same time bearish camp is not replenished with new members and currently forms 29% of the market. Distribution of orders is quite similar, 73% to 27% of buy and sell orders, respectively.
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