© Dukascopy Bank SA
- Tokyo-Mitsubishi UFJ (based on Bloomberg)
Pair's Outlook
Although USD/JPY was initially estimated to seize declining near a cluster of supports at 106.50 (38.2% Fibo and 55-day SMA), it is already testing the monthly S1 50 pips to the South. Additional demand zone is supposed to be at 105.50, where the weekly S2 merges with the 50% Fibo. The base case scenario is the exchange rate staying above these levels and starting a recovery in the nearest future.
Traders' Sentiment
Just as at the time of the previous report, there is no visible difference between the long (47%) and short (53%) positions. A similar situation is observed with the pending orders—55% are to buy and 45% are to sell the Buck.
© Dukascopy Bank SA