USD/JPY unable to breach monthly PP
Pair’s Outlook
USD/JPY seems to have once again failed at 102.72/56 (monthly PP and 100-day SMA), thereby calling into question the currency pair’s ability to recover in the long run. Still, being that the key supports remain intact, such as the 16-month rising trend-line near 102 and 200-day SMA at 101.50, the exchange rate retains a chance of re-testing this year’s highs at 105.44, as suggested by the monthly technical indicators.
Traders’ Sentiment
More than 70% of the SWFX market participants believe that the U.S. Dollar is going to outperform the Japanese Yen. And this number could go up, as 69% of orders are placed to purchase the greenback.
Source: DukascopyBankSA
