Technical Analysis USD/JPY returns to 101
Technical Analysis USD/JPY for July 18/07/2014
Pair’s Outlook
USD/JPY was once again thrown back to the support line of the descending triangle it has been forming since the beginning of this year. For the time being the pair keeps bouncing off the demand at 101, suggesting there is a possibility of the monthly technical studies turning out to be correct in the end. The bulls seem to be incapable to realise this scenario, but a close above 102, on the other hand, would confirm Dollar’s bullish intentions.
Traders’ Sentiment
The situation in USD/JPY in terms of the sentiment and distribution between the buy and sell commands is largely unchanged. Presently 75% of positions are long and 58% of orders are placed to purchase the Buck.
Source: Dukascopy
