Technical Analysis USD/JPY underpinned by long-term up-trend
Technical Analysis USD/JPY for August 11, 2014
Pair’s Outlook
As turned out, USD/JPY required assistance of the major rising trend-line at 101.53 in order to preserve chances to rally. And even though on the daily and monthly time-frames the currency pair is supposed to be moving North, it fails to start a recovery and finally gain a foothold above the 200-day SMA. This would supposedly give the U.S. Dollar confidence to surpass the recent highs at 103 and then challenge the 2014 Q2 high at 101.42.
Traders’ Sentiment
Nearly three fourths (73%) of the market participants are expecting the U.S. Dollar to outperform the Japanese Yen in the future. There is also a large portion of buy orders set 100 pips around the spot price—61%.
Source: Dukascopy
