Technical Analysis USD/JPY supported at 102.50
Technical Analysis USD/JPY for August 04, 2014
Pair’s Outlook
The support provided by the 200-day SMA and weekly PP proved to be weaker than initially expected, as the upward momentum is not gaining traction. Nevertheless, the long-term outlook remains bullish and the resistance at 104 is still within reach. Moreover, a substantial part of the technical indicators, especially on the daily chart, also suggest appreciation of the U.S. Dollar against the Yen. But if 102.50 is broken, 102 will be expected to stop the dip.
Traders’ Sentiment
SWFX market participants are apparently using the current pause as an opportunity to enter long positions, the portion of which has already reached 75%. The difference between the amounts of buy and sell orders also widened, from 14 to 24 percentage points.
Source: Dukascopy
