© Dukascopy Bank SA
- National Australia Bank (based on Bloomberg)
Pair's Outlook
USD/JPY is once again trying to restart a rally that has been failing to emerge for the past two quarters. However, as a result of the latest attempt of the U.S. Dollar to recover, the weekly PP and 55-day SMA have already been breached, leaving the 100 and 200-day SMAs exposed. Once this resistance is overcome, there will be only the monthly R1 at 102.91 guarding this year's peak just above the level of 104.
Traders' Sentiment
SWFX market participants stay strongly convinced that USD/JPY's future is strictly bullish, being that 73% of open positions are long. Concerning the pending orders, as many as 59% of them are placed to acquire the buck against the Yen.
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