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- Junko Nishioka, RBS Securities (based on Reuters)
Pair's Outlook
Even though the support at 102.04 provides a fair amount of buoyancy for USD/JPY, the currency pair remains unable to surpass the resistance at 102.90/78. Nevertheless, the long-term bias towards the U.S. Dollar stays bullish, partially due to technical indicators on the weekly chart and partially due to the fact that a key support at 100.05/99.82 is intact.
Traders' Sentiment
Once the buck reached the closest resistance, the market participants became less optimistic with respect to the currency's prospects—the percentage of bulls declined from 59% down to 57%. In the meantime, more traders are planning to acquire USD—the portion of buy orders went from 60% up to 62%.
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