© Dukascopy Bank SA
"We're seeing many more periods of dollar buying during these uncertain times"
- Standard Life Investments (based on Bloomberg)
Pair's Outlook
USD/JPY continues to struggle with a downtrend resistance at 79.57/62, but still remains unable to overcome it. In order to gain enough bullish momentum to penetrate the latter level, the currency pair will have to rebound from 79.10/78.96 (200 day SMA) or to extend its dip down to 76.87/71, where robust long-term recovery could be started.
Traders' Sentiment
An absolute majority of market participants (71%) have opened long trades on USD/JPY, awaiting for the U.S. Dollar to appreciate against the Japanese Yen, even though recent tendency of the pair was unfavourable for them. As for the orders placed on USD/JPY, the current tendency is likely to remain the same, being that 70% of orders are to buy and 30% are to sell the Greenback.
© Dukascopy Bank SA