© Dukascopy Bank SA
- Daiwa Securities (based on Business Recorder)
Pair's Outlook
On Monday the USD/JPY currency pair remained relatively unchanged, but still edged below the 102.00 major level. Nevertheless, the pair appears to be anchored around the 102.00 mark, with the lower border represented by the cluster around 101.20, represented by the 20-day SMA and the weekly PP. At the same time, a strong resistance area circa 102.75, formed by the weekly R1, the Bollinger band and the 55-day SMA, is likely to limit any possible gains. According to technical indicators no significant movements are expected to occur, therefore, suggesting that the pair is to consolidate between the mentioned borders.
Traders' Sentiment
Bullish traders' sentiment returned to its previous Monday's level of 67%, whereas the share of buy orders edged down from 76 to 63%.
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