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"The objection to Iwata's nomination is being used as an excuse for the yen correction."
- Mitsubishi UFJ Morgan Stanley Securities Co. (based on Reuters)
Pair's Outlook
]Yesterday USD/JPY was unable to handle bearish pressure and sharply decreased, dropping through the Bollinger band and the monthly R2 at 96.37. Since big timeframe indicators are screaming about an oversold situation, the price might slide further to the weekly PP level at 95.22 or even lower, to the monthly R1, which overlaps with a historical resistance level at 94.47.
Traders' Sentiment
Investors are optimistic and continue to bet on a further pair's appreciation scenario, as the buy side increased 4% and reached an 81% share. Placed orders segment is less skewed to a bullish side, as 72% wait for an opening of a long position and 28% of a short one.
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