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- Masato Yanagiya, Sumitomo Mitsui Banking (based on Bloomberg)
Pair's Outlook
Yesterday USD/JPY erased all of the gains made this Monday, thereby proving that the supply area at 102.17/00 is rather tough. Nevertheless, the path of least resistance is to the upside, being that from below the U.S. Dollar is underpinned by 50% Fibo, monthly S1 and, more importantly, by the 200-day SMA and the 13-month up-trend support line. This should be enough to negate any bearish momentum that may appear in the observable future.
Traders' Sentiment
The difference between the long and short positions moved closer to its 10-day average of 45% and is now 44% in favour of the former. Concerning the orders placed 50 pips from the spot price, the portion of buy ones fell from 57% down to 54%.
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