© Dukascopy Bank SA
- Gaitame.com (based on Bloomberg)
Pair's Outlook
Reaching the monthly R1 level at 88.40 forced USD/JPY to experience a down-side correction. Today the pair moves sharply lower, as the majority of technical indicators imply an oversold situation. Since this is the first day of correction, any short position is very risky, but the closest support levels area at 87.49, the weekly PP, and 86.58, the weekly S1.
Traders' Sentiment
The Japanese Yen's traders show some signs of confusion, as the spot market sharply changes its distribution: 47% of buy positions and 53% of sell positions. Pending orders segment exhibits a support for an up-side movement, as 82% of orders are buy and 18% are sell.
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