USD/JPY stays directionless
Pair’s Outlook
Regardless of constant attempts to break the 20 and 55-day SMAs, the resistance stands its ground and does not let the currency pair to rally. Still, given that the support at 102.07/00 is intact and most of the long-term technical indicators are bullish, there is a chance for USD/JPY to overcome current selling pressure and subsequently challenge the monthly R1 and 100-day SMA at 103.03/102.78.
Traders’ Sentiment
Even though just fractionally, but traders’ sentiment with respect to USD/JPY is nevertheless getting less bullish. Compared to the data recorded five days ago, the share of longs fell two percentage points, from 72% to 70%. The portion of buy orders is also contracting, it slid from 63% to 56% during the last 24 hours.
Source: DukascopyBankSA
