USD/JPY tests 100-day SMA
Pair’s Outlook
Despite the resilience the 55-day SMA has recently demonstrated, in the end USD/JPY has managed to spike through the line and reach 103.03/102.76, which consists of the monthly R1 and 100-day SMA. Should the bulls continue pushing the price higher, the U.S. Dollar will soon encounter the supply area at 103.44/34—the last resistance that stands guard over the 2013 highs at 104.
Traders’ Sentiment
Apparently, the traders did not exploit the latest surge in USD/JPY in order to close their positions. Instead, they were encouraged by these development and enhanced their long exposure. Now the bulls constitute 75% of the SWFX market, while last Friday their portion amounted to 71%.
Source: DukascopyBankSA
