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- RBC Capital Markets based on MarketWatch)
Pair's Outlook
USD/JPY has finally reached the lower boundary of the channel up pattern it has been trading within for the past 130 days. Consequently, a robust rebound from 100.05/99.98, reinforced by 99.63/51 in case of a deeper retracement, is the most probable scenario, supported by weekly and monthly technical studies. The nearest important resistance will be 101.44—2009 high.
Traders' Sentiment
Judging by the share of long positions opened in the market, traders are not discouraged by USD/JPY's recent decline—73% of them stay bullish on the currency couple. A similar advantage over sell orders (25%) enjoy the buy ones (75%).
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