© Dukascopy Bank SA
- Royal Bank of Scotland (based on Bloomberg)
Pair's Outlook
During this week USD/JPY has already pierced through a number of tough supports without consolidation and appears to be ready to keep on advancing further. The next important supply area it is set to attack consists of the 55 and 100-day SMAs and the monthly R1 level. If this resistance is out of the way, the exchange rate will be expected to arrive at 104, namely 2013 highs.
Traders' Sentiment
The distribution between the proponents and opponents of the buck's appreciation relative to the Japanese Yen remains more or less the same as 24 hours ago—72% and 28% accordingly. In the meantime, the share of orders to enter the market with a buy trade edged up from 55% to 60%.
© Dukascopy Bank SA