Morning Forex Technical - USD/JPY attacks 98.40/05

'It seems a Fed tapering is back on the menu and it's got yields moving again.' - a trader in Sydney (based on Reuters)

Pair's Outlook

The downside risk did not materialise and the currency couple maintains its course north, towards the nearest resistance at 98.40/05. There USD/JPY is to encounter the weekly R1 with 20 and 55-day SMAs, but is expected to preserve bullish momentum and advance further. Next hurdle will be represented by the 100-day SMA, together with the monthly pivot point at 99.15/98.98.

Traders' Sentiment

The bulls are continuously keeping a tight grip on USD/JPY-74% of traders believe the exchange rate will go up in the future, while fluctuations in the share are minimal and do not result in the figure dropping below 70%. Pending orders are more active in this respect, the share of buy ones added 10 percentage points overnight and rose to 54%.

IMOH, Clement I.
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