USD/JPY bounced off 101.23/00
Pair’s Outlook
While the 200-day SMA has already been breached, which is generally reckoned to be a bearish sign, some of the strongest demand areas remain intact. Consequently, unless a cluster of supports at 101.23/00 is broken, there will still be a high probability of a robust long-term rally. But for the bullish intentions to be confirmed USD/JPY needs to rise above a dense supply zone at 102.26/16, and it does not seem to be an easy task.
Traders’ Sentiment
At the moment nearly three out of four (74%) SWFX market participants are convinced that USD/JPY bottomed out and is set to surge. The buy (64%) and sell (36%) orders also imply a rally due to the potential increase in the buying pressure.
Source: DukascopyBankSA
