Dukascopy - Analytics


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    USD/JPY: correction to take place

    © Dukascopy Bank SA
    "When you combine these capital outflows with relatively higher U.S. yields, it does suggest dollar/yen remains fairly well supported."
    - Nordea Bank (based on Reuters) 

    Pair's Outlook
    On Wednesday the USD/JPY pair continued to trade between the weekly PP an R1 levels. The Greenback experienced a minor eight-pip slump, before the currency settled at 119.64. Although technical studies suggest a neutral outcome for Thursday, the Buck is still likely to edge up, as a correction must take place after a plunge. The nearest resistance and support levels remain unchanged, and the pair will most likely stay in the tight range between them.

    Traders' Sentiment
    Bulls stopped gaining advantage over bears, as 60% (previously 61%) of traders are optimistic about the US Dollar's prospects. At the same time, the percentage of commands to acquire the Greenback lost two percentage points to 69%. 

    © Dukascopy Bank SA

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