USD/JPY stuck at 93.60

USD/JPY stuck at 93.60

'Japan’s large current account surplus was the only remaining factor pushing the yen stronger. Now that support has given way, and the yen is inevitably selling off.' - Commonwealth Bank of Australia (based on Bloomberg)

Pair's Outlook

USD/JPY is stuck near the 93.60 level for a fourth consecutive trading session. The pair can not breach the monthly R1 level at 93.62 and the weekly R2 slightly higher. However, the pair sharply exceeded the channel’s upper line and currently is trying to get back into the corridor. The upside momentum should be limited, as the majority of indicators signal about a radically oversold situation. The RSI has a value of 88 in a weekly graph.

Traders' Sentiment

Bulls have increased their share in SWFX market sharply, as distribution increased to 66% for bulls and slipped to 34% for bears. Pending orders market remains strongly bullish even in a such surging market, as 76% orders are long and 24% are short