Technical Analysis USD/JPY found support at 102
Technical Analysis USD/JPY for August 07, 2014
Pair’s Outlook
Despite the 200-day SMA appearing to be a reliable support, in the end the bears were able to push the pair through the demand at 102.48/46. As a result, USD/JPY was in a free fall for some time, until it hit the recently breached down-trend line. Accordingly, the bias towards the Buck remains bullish, since the pair pulled back yesterday, thus confirming the bullish break-out, and most technical studies are currently pointing North.
Traders’ Sentiment
Though there were no significant changes in the distribution between the long (73%) and short (27%) positions, the percentage of buy orders fell noticeably—from 65% yesterday to 49% as of right now.
Source: Dukascopy
