© Dukascopy Bank SA
- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on MarketWatch)
Pair's Outlook
Yesterday the pair found a strong support to bounce higher and prepare another attempt to breach a 100 benchmark. USD/JPY made a spike to the weekly PP level at 98.50 and immediately reversed, stepping back to the resistance at 99.70, which has contained rallies for a month. If the pair spurs bullish sentiments, the pair should step to the monthly R3 level at 100.77.
Traders' Sentiment
SWFX marketplace participants patiently wait for more action in the pair, since the buy side possesses a vast majority of positions, expecting to see further depreciation of the Japanese Yen. Placed orders segment is heavily bullish, since 78% of orders are ready to buy the pair.
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