Dukascopy - Analytics

Dukascopy

463.75 6.25/10
83% of positive reviews
Real

USD/JPY keeps finding support at 122.50

© Dukascopy Bank SA
"US existing home sales should continue the underlying upward trend and increase 4.5%, which will leave the overall sales pace close to the peak of the current cycle but still below a reasonable longer-run level."
- Danske Bank (based on FXStreet) 

Pair's Outlook
Last Friday USD/JPY suffered more losses rather than edging higher. The pair failed to hold above the 123 major level and inched lower to monthly PP. Ultimately, Greenback bounced back from monthly PP and stabilised at 122.65. Although the Buck is expected to rally today, risks of sustaining more losses exist. The nearest resistance rests at 123.23, represented by weekly PP, while the monthly one keeps supporting pair from below. Meanwhile, technical indicators are showing mixed signs, unable to confirm either outcome.

Traders' Sentiment
Bulls keep gaining numbers, as 64% of traders now hold long positions (previously 60%). The share of buy orders shifted from 49 to 58%. 

© Dukascopy Bank SA


To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree