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USD/JPY remains at multi-year highs

© Dukascopy Bank SA
"The U.S. is out in front on its own, and everyone else is heading the other way. In that case, positioning becomes very key, if the interest-rate story is going to be center-stage."
- State Street Global Markets (based on Reuters)

Pair's Outlook
The Buck kept hovering over the 123.00 major level, as the Bollinger band and the monthly R2 prevented the USD/JPY from leaving the tight range. However, the two levels are now forming a single resistance around 123.45, hence, risks of edging lower are higher. Nonetheless, technical indicators retain their bullish signals, suggesting the pair could overcome the immediate resistance. At the same time, the nearest support lies only around the 122.00 mark, but an event to weigh the Greenback down that much is absent today; therefore, the base case scenario is a fall to 122.80.

Traders' Sentiment
There are now 73% of traders being short the US Dollar, whereas 58% of all commands are to sell it (previously 59%).

© Dukascopy Bank SA


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