© Dukascopy Bank SA
-Barclays (based on Reuters)
Pair's Outlook
Right now USD/JPY is cautiously approaching 103.19/13, because of persisting increased downside risks, as mentioned previously. The area consists of various supports, but the major concern is due to the rising resistance line being present in it. This up-trend has been preventing rallies from extending for more than three months already, thus there is a possibility of a drop down to 99.98/63 as we approach 103.19/13.
Traders' Sentiment
Even more traders (72%) are now betting on appreciation of the U.S. Dollar relative to the Japanese Yen than yesterday (70%), although on average there is almost no difference between the levels of popularity of these two currencies in the market. The share of buy orders has fallen down to 76% from 80%.
© Dukascopy Bank SA