USD/ JPY ‘s rally halted by monthly PP
Pair’s Outlook
Monthly pivot point at 102.72 turned out to be tough and unwilling to let the U.S. Dollar to advance further. Accordingly, we are likely to witness a bearish correction, which should be stopped either by the 55-day SMA at 102.38 or a combination of the weekly PP and 38.2% Fibo at 102.19. Otherwise the dip may extend down to the falling support line at 101.77/69, where it is reinforced by the weekly and monthly S1 levels.
Traders’ Sentiment
Current decline is apparently discouraging some of the traders; as compared to the yesterday’s readings, the share of long positions fell from 75% to 72%. Concerning the buy and sell commands placed, their numbers are completely identical at the moment.
Source: DukascopyBankSA
