Technical Analysis USD/JPY to rebound from 200-day SMA
Technical Analysis USD/JPY for August 04, 2014
Pair’s Outlook
USD/JPY took a severe blow from the resistance around 103 at the end of the last week, but the Buck should be underpinned by the demand at 102.49/46 (weekly PP and 200-day SMA). Here the currency pair is in a good position to resume its journey North, namely towards the high just above 104. At the same time the technical indicators on all three relevant time-frames are also showing their support for a surge in the price.
Traders’ Sentiment
Despite the U.S. Dollar getting more and more expensive, there are no notable changes in the sentiment of the market, which remains distinctly bullish, with more than 70% of open positions being long, namely 72% right now.
Source: dukascopy
