Dukascopy - Analytics

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    USD/JPY re-tested weekly R1

    © Dukascopy Bank SA
    "The dollar's downside should be limited, as I think many people will use falls as a chance to buy on dips." 
    - Global-info Co (based on Reuters) 

    Pair's Outlook
    As expected, USD/JPY failed to slump yesterday. Moreover, the pair rallied and met the weekly R1, before settling at a two-week high of 119.41. According to the technical studies, the Greenback is likely to experience losses on the four-hour time frame; however, by the end of today's trading session an additional surge is expected. The Buck might encounter resistance around 119.50, unless the US data to be released today are better than expected.

    Traders' Sentiment
    For a third consecutive day the market sentiment among SWFX traders remains positive, with 59% of positions being long. Meanwhile, the number of orders to acquire the Greenback is in a majority as well, taking up 62% of all the commands.

    © Dukascopy Bank SA

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