USD/ JPY ‘s rally halted by monthly PP
![Technical.analysis](https://www.onestopbrokers.com/wp-content/uploads/2014/04/Technical.analysis.jpg)
Pair’s Outlook
Monthly pivot point at 102.72 turned out to be tough and unwilling to let the U.S. Dollar to advance further. Accordingly, we are likely to witness a bearish correction, which should be stopped either by the 55-day SMA at 102.38 or a combination of the weekly PP and 38.2% Fibo at 102.19. Otherwise the dip may extend down to the falling support line at 101.77/69, where it is reinforced by the weekly and monthly S1 levels.
Traders’ Sentiment
Current decline is apparently discouraging some of the traders; as compared to the yesterday’s readings, the share of long positions fell from 75% to 72%. Concerning the buy and sell commands placed, their numbers are completely identical at the moment.
Source: DukascopyBankSA