Technical Analysis USD/JPY challenges monthly PP
Technical Analysis USD/JPY for August 12, 2014
Pair’s Outlook
USD/JPY started this week on a strong footing, as it rebounded from the key support last week. Now the currency pair has to surpass the monthly PP and 200-day SMA in order to re-visit this quarter’s highs near the level of 103. Considering the technical indicators the U.S. Dollar is likely to be successful, but is has to stay above the major up-trend line at 101.53/46 for the long-term bullish outlook to remain valid.
Traders’ Sentiment
Traders continue to hold optimistic views regarding USD/JPY, being that 72% of them are long the Greenback, performance of which is not meeting the expectations for now. Meanwhile, 50 pips from spot the share of buy orders dropped from 55 to 38%.
Source: Dukascopy
