© Dukascopy Bank SA
"The U.S. manufacturing report eases overall concerns about the economy, but it won't last because the world and the U.S. are still facing a drastic slowdown"
- Worldwide Markets (based on CNBC)
Pair's Outlook
USD/JPY attempts to erode 77.99/78.10, but lacks bullish impetus in order to negate selling pressure and pave the way towards subsequent resistances, which are located at 78.41 and 78.72/78, These levels are expected to fall victims to a robust recovery of the pair eventually, but not at the moment. Meanwhile, dips are to be contained by 77.43/26 in conjunction with 76.99.
Traders' Sentiment
The portion of bullish on USD/JPY traders is constantly fluctuating, but does not fall below a mark of 70% (currently at 72%), meaning that the pair is overbought to a substantial extent. As for the orders, 79% of them are to enter long positions and only 21% are to sell the Dollar against the Japanese Yen.
© Dukascopy Bank SA