USD/JPY confirms support at 101.29/19
Pair’s Outlook
The support area around the level of 101.29/19 proved to be of great significance to the market, as it has once again prevented further depreciation of the U.S. Dollar. Now, after a small rebound, USD/JPY faces a tough supply zone, which consists of the falling trend-line and 55-day SMA. Potential extension of the rally beyond this point, which seems to be a viable scenario at the moment, will involve an attack on 102.96/72 (monthly PP and 100-day SMA).
Traders’ Sentiment
The distribution between the long and short positions stays perfectly unchanged—73% of open positions are long and the remaining 27% are short. On the other hand, the percentage of buy orders plummeted from 73% down to 63%.
Source: DukascopyBankSA
