Technical Analysis USD/JPY cannot be stopped
Technical Analysis USD/JPY for July 30, 2014
Pair’s Outlook
Although at some point everything appeared to be over for the bulls, USD/JPY proved to be able to rally by breaking the 100-day SMA and seven-month down-trend. There are still the monthly R1 and 200-day SMA lying overhead, but now a possibility of further appreciation of the Dollar is notably higher than before. If the pair manages to get a foothold above 102.50, the 2014 high at 105.44 may be the next objective.
Traders’ Sentiment
The share of long positions contracted even more, but there are still significantly more proponents of a rally in the market, namely 67% of the traders. As for the orders, 63% of them 100 pips from the spot are set to acquire the Buck against the Yen.
Source: Dukascopy
