Dukascopy - Analytics

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USD/JPY stuck between 20 and 200-day SMAs

© Dukascopy Bank SA
"This payrolls number and the payrolls number next month will be really important in determining the outlook for the dollar."
- Commonwealth Foreign Exchange (based on MarketWatch)

Pair's Outlook
The 55-day SMA failed to hold the USD/JPY from a corrective rally yesterday. Nevertheless, the ten-week consolidation trend remains intact, implying that the pair could climb higher towards the 100-day SMA in the medium term. However, the immediate resistance, namely the 200-day SMA, might trigger a Greenback sell-off earlier, causing a slump towards 120.00 major level. A strong impetus is required for the USD to pierce the cluster around this area, which the employment data or Fed Chair's speech might cause this week.

Traders' Sentiment
The gap between the bulls and the bears widened from 32 to 42% points, with bears in the majority. There are now also more orders to sell the Buck, taking up 51% of the market (previously 39%).

© Dukascopy Bank SA


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