© Dukascopy Bank SA
- Union Bank NA (based on Bloomberg)
Pair's Outlook
According to the technical indicators, we may expect a little more bearishness in the price before bulls fully recover from the recent downward correction and drive the exchange rate upwards in a longer time perspective, as suggested by weekly and monthly studies. At the moment USD/JPY is facing support at 93.98, though it would be reasonable to assume that other supports will come into play as well, such as 93.74/62 and 93.12.
Traders' Sentiment
The extent of bulls' dominance remains the same as yesterday, as they take up 71% of the market, leaving only 29% of it to those traders, who consider that the U.S. Dollar will strengthen in the future. And this is understandable, being that the Japanese Yen is currently one of the least popular currencies.
© Dukascopy Bank SA