© Dukascopy Bank SA
- JPMorgan (based on Bloomberg)
Pair's Outlook
USD/JPY keeps trading around the monthly pivot point, staying below the 55-day SMA at 102.60 and at the same time above the weekly S1 at 101.20. However, soon the pair will have to violate one of the key levels—resistance at 103.00 or support at 100.80/00, which will determine its future behavior. This is highly likely to happen already next week, as both the BOJ and the FOMC are to release monetary policy statements during next Wednesday, which promises a lot of volatility on September 21.
Traders' Sentiment
Despite the US Dollar being already overbought, the share of bulls increased even more—up to 70% from 69% seen yesterday and from 68% seen five days ago. As for the orders, however, there is no visible gap between the buy (52%) and sell (48%) commands.
© Dukascopy Bank SA