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- Jim Vrondas, OzForex Ltd (based on Reuters)
Pair's Outlook
USD/JPY pair exhibits radical changes in bears and bulls equilibrium. After an upside gap, the price has dropped heavily and breached the lower Bollinger band at 91.98. Mostly the price bounces back after the first approach of this level. In case it happens the price might find a strong resistance at 93.24, where the 20-day SMA and the weekly S1 merge. Otherwise, the current depreciation wave could be stopped by the 55-day SMA.
Traders' Sentiment
The Japanese Yen is one of the most sold off currencies in SWFX market, as gap between bulls and bears has widened considerably. The buy side has 82% of positions and the sell side has only 18%. Pending orders segment has similar sentiments, as 78% are for a long and 22% for a short position.
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