USD/JPY to challenge 101.27/00
Pair’s Outlook
USD/JPY remains hesitant to commence a recovery. Instead it is weighed upon by the selling pressure, which forced the currency pair to decline below the 200-day SMA. Still, the immediate support is at 101.27/00 and it may potentially negate the downward impetus, being created by the monthly S1 and 50% Fibonacci retracement level of the November-December rally. Additional strong support is supposed to be at 100.18/06.
Traders’ Sentiment
A substantial portion of the SWFX market participants are planning to profit from a surge in the greenback’s price, since as many as 71% of traders are presently holding long position. As for the orders, 64% of them are to purchase the buck against the Yen.
Source: DukascopyBankSA
