Technical Analysis USD/JPY continues to advance
Pair’s Outlook
USD/JPY is currently moving away from its key support. If this bullish tendency is preserved, the pair is going to re-visit a tough supply area at 101.83/73 in the nearest future, which has recently prevented a rally from 101. Should the resistance be broken, the Dollar is going to face yet another obstacles right away—at 102.13/04, which is mainly created by the 100-day SMA and seven-month down-trend.
Traders’ Sentiment
The bullish traders continue to rule USD/JPY market, as they take up 70% of it (74% yesterday). As for the orders placed 100 pips from the spot, 59% are to purchase and 41% are to sell the Buck against the Japanese Yen.
Source: Dukascopy
