Technical Analysis USD/JPY breaks major up-trend
Technical Analysis USD/JPY for 11/07/2014
Pair’s Outlook
USD/JPY is getter farther and farther away from recovery, since it has just closed beneath one of the major trend-lines. This support has kept the upward momentum intact since the first months of 2013. Its breach exposed 101, but did not completely invalidate the bullish scenario. The currency pair is still within the boundaries of the descending triangle, meaning there remains a good possibility of the Greenback outperforming the Yen in the end.
Traders’ Sentiment
There are 70% of the SWFX market participants believing the Buck is ready to appreciate relative to its Asian counterpart, which is slightly lower than five days ago, when three out of four traders were holding long positions.
Source: Dukascopy
