- Global-info Co (based on Reuters)
Although the USD/JPY inched higher on Monday, the immediate resistance in face of the weekly pivot point limited the volatility, while the pair closed in front of 113.00. The same level keeps acting as the closest resistance today, but a bullish outcome, especially after BoJ governor's statement which boosted the Yen, is doubtful. The given pair now faces a support cluster around 111.70, represented by the monthly S3 and the weekly S1. Technical indicators also support the probability of the bearish scenario prevailing today.
Nearly three quarters (74%) of all open positions are now long, but the portion of sell orders surged from 60 to 82%.