Technical Analysis USD/JPY bears keep selling
Technical Analysis USD/JPY for August 08, 2014
Pair’s Outlook
USD/JPY is currently testing a cluster of supports at 101.97/82, which is considered to be able to stop the pull-back and return the pair to a bullish path. However, there are less and less technical indicators that point North, and we may see a deeper correction before the bullish momentum is fully restored. There are still important supports at 101.53 and 101.13/100.95 that have the potential to send the U.S. Dollar higher against the Yen.
Traders’ Sentiment
While there is largely no change in the distribution between the long (71%) and short (29%) positions, there are now considerably more buy orders placed 100 pips from the spot—49% yesterday and 67% after 24 hours.
Source: Dukascopy
