USD/JPY under pressure from 55-day SMA
Pair’s Outlook
USD/JPY remains unable to penetrate supply zone created by the 20 and 55-day SMAs. Yesterday the moving averages even pushed the rate below the support at 102.07/00, forcing the monthly PP to come into play and prevent deeper extension of the dip. If the resistance at 102.33/23 carries on nullifying attempts of the currency pair to surge in such a manner in the future, there is a chance that the bulls will stay largely inactive until 101 is reached.
Traders’ Sentiment
As it turns out, many of the SFWX traders exploited yesterday’s sell-off to acquire the U.S. Dollar at cheaper prices. As a result, the share of open long positions noticeably went up, specifically from 70% to even more impressive 75%.
Source: DukascopyBankSA
