USD/JPY, like most dollar crosses, has witnessed a recovery as markets digest the short-lived notion of a Fed pivot following slightly cooler US CPI data last Wednesday. Get your market update from RichardSnowFX here:
We typically take a contrarian view to crowd sentimentThe number of traders net-long is 11.60% lower than yesterday and 9.68% lower from last week, while the number of traders net-short is 5.83% higher than yesterday and 13.99% higher from last week.
The Nikkei has been on an upward trajectory ever since trading above the 38.2% Fib retracement of the major 2021-2022 move. The bullish momentum was handed a further boost when prices broke above the 28.340 level of resistance - a level that failed to hold in the early days of June but a retest on Friday resulted in a conclusive break above.
Price action appears to have pulled back ahead of a potential test of the 29,340 level and 29,595 and could put an end to the consecutive up days for the index. Support appears at the 61.8% Fib followed by 28,340. Resistance remains at 29,340. The RSI briefly entered overbought territory before heading back down, suggesting we may see a period of lower prices or consolidation before another possible advance.
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