© Dukascopy
- Citygroup in Singapore (based on Reuters)
Pair's Outlook
After a short brake, USD/JPY continues its upside rally and during Asia's trading hours reached a new high at 80.16. In a very close distance from the new peak, strong resistance level is based, which consists of the weekly R2 and monthly R2 lines. As the price appreciated so rapidly and in a D1 graph the RSI indicator shows a divergence from the price, it is very possible to see a consolidation or even correction in this currency pair.
Traders' Sentiment
Traders at SWFX market expect to see a further the Japanese Yen depreciation, as 71% traders hold a long position and only 29% a short. Pending orders segment indicates even more harsh expectations for the USD/JPY increase, as 84% orders are placed for a long position and 16% for a short.
© Dukascopy