USD/JPY charges at 200-day SMA
Pair’s Outlook
At the moment USD/JPY is forcing its way through the resistance at 101.80/73, specifically the 200-day SMA. If the attempt is successful, there will be few doubts that the rally is going to make it to the next cluster at 102.23/16, a breach of which would most likely pave the way towards this year’s high at 105.44. Conversely, if the long-term moving average discourages the bulls, the support at 101.19/00 will have yet another opportunity to reaffirm its significance.
Traders’ Sentiment
While the long positions (71%) continue to have an upper hand over the short ones (29%), the gap between the buy and sell orders is nearly non-existent, even though yesterday 50 pips from the spot their share amounted to 60%.
Source: DukascopyBankSA
