© Dukascopy Bank SA
- Francine Lacqua and Guy Johnson (based on Bloomberg)
Pair's Outlook
USD/JPY is traded flat since the beginning of April, as the pair cannot breach a resistance at 99.70. Currently the price is just above the 20-day SMA at 98.66 and does not deviate from it more than 40 pips past month. However, analysts say that it just a matter of time when a bullish trend on the pair will recommence and lead to 115-120.
Traders' Sentiment
SWFX market data indicate that the majority of positions are longs, as a share of bulls reached 73%. Seems that investors patiently wait for a breach of a 100 benchmark. Placed orders market is heavily bullish as well, since 77% of orders are ready to buy the U.S. Dollar against the Japanese Yen.
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