© Dukascopy Bank SA
- Citigroup (based on CNBC)
Pair's Outlook
Although the longer-term technical indicators are mostly giving ‘buy' signals, USD/JPY continues to gravitate towards 104.09/00, consisting of the monthly PP and the 2013 highs. In order for the bias to remain bullish, this support should withstand the current bearish pressure and then initiate a recovery, which will encounter the weekly R1 at 105.15 and the monthly R1 at 106.57.
Traders' Sentiment
While the sentiment among the SWFX traders was not subject to any notable change—the portion of bears is currently at 64% (66% on Jan 17), the percentage of orders to acquire the U.S. Dollar against the Japanese Yen jumped from 53% seen last Friday up to 71%.
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