© Dukascopy Bank SA
- Bank of Singapore (based on CNBC)
Pair's Outlook
Despite a plethora of signals speaking in favour of a rally, namely confirmation of 104.92/81 and bullish technical studies, USD/JPY returned back to the up-trend. In order for the medium-term positive outlook to stay valid, the support at 104.26/09 has to withstand the current strong selling pressure. Otherwise the currency pair may descend down to the monthly S1 at 102.78.
Traders' Sentiment
The difference between the amounts of bullish and bearish market participants continues to widen. Whereas 24 hours ago 62% of positions were short, now 65% of them imply further debasement of the Dollar. Meanwhile, the share of buy orders is on the rise and at the moment totals to 81% around the spot.
© Dukascopy Bank SA