Technical Analysis- USD/JPY extends rally from 101
Technical Analysis USD/JPY for Tuesday, July 29, 2014
Pair’s Outlook
Despite the amount and toughness of the obstacles USD/JPY is currently facing, the currency pair is successful at pushing through the resistances. If the seven-month down-trend and 100-day SMA at 102 are broken, the U.S. Dollar will have a good opportunity to test a combination of the monthly R1 and 200-day SMA at 102.50/32. But there will still be a long way to go until this year’s high at 105.44, which looks to be out of reach at the moment.
Traders’ Sentiment
There are relatively less bullish market participants than yesterday, as their share lost three percentage points, but they are still dominating with 71%. Concerning the commands, 59% are set to purchase and 41% are set to sell the Greenback against the Yen.
Source: Dukascopy
