© Dukascopy Bank SA
- TD Securities (based on The Business Times)
Pair's Outlook
Although the US Dollar edged lower against the Yen on Monday, the three-week bullish trend remained intact. A rally is expected today, as it would reconfirm the trend for the time being. The USD/JPY pair also opened just on top of a relatively strong support area, formed by the weekly PP and the monthly R1, which demand is sufficient to cause a recovery after yesterday's loss. Moreover, technical indicators keep giving bullish signals in the daily timeframe, also suggesting a rally is due. In this case specifically the Bollinger bands remain in favour of the bullish trend, but the nearest resistance around the 105.00 psychological level is likely to remain out of reach.
Traders' Sentiment
There are 62% of all open positions being long today (previously 63%), while the share of buy orders inched up from 51 to 53%.
© Dukascopy Bank SA