USD/JPY needs to rebound from 101.60 to stay bullish
Pair’s Outlook
The currency pair remains unable to break the five-month down-trend resistance line, something that would most likely entail a robust recovery of the U.S. Dollar in the long term. But at the same time USD/JPY is underpinned by an even tougher trend-line at 101.60, which is supposed to preserve the bullish outlook by helping the price to rise above 102. However, the daily and weekly technical studies still do not favour emergence of a surge.
Traders’ Sentiment
The SWFX market participants remain net buyers in USD/JPY—74% of open positions are long and only 26% are short. At the same time, 50 pips from the spot there is a notable advantage of buy orders (72%) over the sell ones (28%).
