Dukascopy - Analytics

    Dukascopy

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    USD/JPY extended gains

    © Dukascopy Bank SA
    "In addition to some option-related selling above 120 yen, Honda's comments helped send the dollar lower. The pullback in Japanese shares is another factor weighing on the dollar today."
    - Global-info Co (based on Reuters) 

    Pair's Outlook
    The Greenback appreciated versus the Japanese Yen yesterday. The pair surged for a third day after a number of US data releases on Monday. Moreover, the pair outperformed as it breached weekly R1 level and settled at 120.11. However, the rally is about to stop, being that the pair is expected to bounce back today, according to technical studies. Indicators are giving bearish signs in the shorter time frames. Hence, the Buck is likely to end the trading day between the weekly R1 and PP levels around 119.74. 

    Traders' Sentiment
    Market sentiment among SWFX traders improved over the day, as 59% of all positions are now long. Meanwhile, the number of buy orders also edged up by two percentage points to 63%.

    © Dukascopy Bank SA

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