© Dukascopy Bank SA
- a trader at a major Japanese bank (based on Reuters)
Pair's Outlook
Following a few tests of the rising resistance line at 103.97/60 the currency pair has finally started to decline, a natural step of the channel up pattern's development. Accordingly, we would welcome extension of the dip down to the lower boundary of the corridor at 99.98/51 before USD/JPY recommences a recovery, a scenario supported by the technical studies on relevant time-frames.
Traders' Sentiment
Market participants continue to be strongly convinced that the U.S. Dollar is going to outperform the Japanese Yen (one of the least popular currencies), being that 71% of them have entered the market with buy trades. Meanwhile, the portion of buy orders has increased further, up to 73%.
© Dukascopy Bank SA