‘USD/JPY-slightly bearish. We expect the pair may move towards 110.80.’ – Fullerton Markets (based on Investing.com)
Pair’s Outlook
The USD/JPY pair has been trading rather calmly since last week’s sharp decline, managing to retain its positions above the 111.00 major level. The given pair now appears to be contained within a specific trading range, with the 55-day SMA and the weekly PP representing the upper border, and the monthly PP with the lower Bollinger band-the lower one. Additionally, strong demand rests around the 110.00 mark, which should limit any deeper losses should the immediate support fail. Meanwhile, technical indicators imply the Greenback is to outperform the Yen again, but due to lack of impetus the nearest resistance is likely to remain intact today.
Traders’ Sentiment
There are 60% of traders holding short positions, while 55% of all pending orders are to acquire the US Dollar.
