© Dukascopy Bank SA
- a trader at a Japanese bank (based on Reuters)
Pair's Outlook
The 200-day SMA preserved the bullish outlook on the pair by sending it beyond the resistance line at 97.00/96.96. Respectively, we may anticipate additional gains, also considering there are no notable obstacles until the 55-day SMA that is a part of a cluster with the 20-day SMA and the weekly R1 level. Nevertheless, looking at the near-term technical indicators, this particular surge may easily prove to be brittle, even though the major trend is bullish.
Traders' Sentiment
Although the percentage of long on USD/JPY traders declined, the market remains crowded with the bulls, since they continue taking up an overwhelming majority—73%. In the meantime, the ratio between the buy and sell orders was subject to change to a greater extent, currently it is 44% to 56% accordingly.
© Dukascopy Bank SA