Technical Analysis USD/JPY prone to returning to 101
Technical Analysis USD/JPY for Monday, July 28, 2014
Pair’s Outlook
The currency pair is facing strong resistance at the moment, which it might turn out to be unable to break. The longer-term technical indicators suggest sticking to a bullish outlook, but none of the key levels have been breached. Unless the U.S. Dollar rises above 102, the risks will be considered to be skewed to the downside. On the other hand, long-term bearish outlook will not be valid without the pair crossing the support line at 101 to the downside.
Traders’ Sentiment
The sentiment of the SWFX market with respect to USD/JPY is perfectly stable—74% of open positions are long, just as on Friday and five business days ago. Concerning the pending orders, 62% of them are set to purchase the Buck against the Yen.
Source: Dukascopy
