Dukascopy - Analytics

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USD/JPY returns to 117

© Dukascopy Bank SA
"I think it's going to be very tough [for the Fed] to raise rates [in 2015] when you've got what's going on around the world."
- Warren Buffett, Berkshire Hathaway (based on FOX Business Network)

Pair's Outlook
For now the trading this month is limited to the 117-118 price range, as neither bulls nor bears appear to have enough power to start a new trend. If the price dips beneath the weekly S1 at 117, USD/JPY will most likely keep sinking until it reaches the 38.2% Fibo at 115.50. On the other hand, a rally above the falling resistance trend-line at 118.10 may attract more bulls and thus help the US Dollar to re-test the Jan 20 high at 118.80.

Traders' Sentiment
Though long positions have been lately losing popularity, during the last 24 hours their percentage has gone up from 59 to 62%. However, there are no more orders to support demand for the Buck, as their share plummeted from 68 to 53%.

© Dukascopy Bank SA


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