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USD/JPY at 11-week high

© Dukascopy Bank SA
"Sellers have been seen in Japanese equities, which should have found stronger support from a USD/JPY."
- IG (based on WBP Online) 

Pair's Outlook
On Friday the USD/JPY pair rallied for the second consecutive day, until it reached the 11-week high at 120.82. The Greenback easily pierced through the Bollinger band, which intersects with the weekly R2 at 120.55; moreover, the pair tested the monthly R1, but was unable to breach this level. Technical studies suggest the Buck will edge up for the third day, amid poor Current Account and Final GDP data releases in Japan. However, the monthly R1 is still likely to interfere with the pair advancing further.

Traders' Sentiment
There are still more bulls than bears in the SWFX market, with 55% of all positions being long (previously 56%). The number of orders to acquire the US Dollar declined as well, their share slid to 63%.

© Dukascopy Bank SA


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