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USD/JPY tests 2014 high

© Dukascopy Bank SA
"The market started to worry about side effects from a further slide in the yen."
- Nikko Securities (based on CNBC)

Pair's Outlook
USD/JPY came into contact with last year's high yesterday and then expectedly retreated. The US Dollar declined mildly to 121.11 also amid the US JOLTS Job Openings' failure to meet the expectations. As for today, the technical indicators are giving neutral signals, and the volatility of the price is now limited by 121.83 from above and by 120.67 from below. This means we may see sideways consolidation until the mid-March, when the pair will supposedly meet major support trend-line and resume its long-term recovery.

Traders' Sentiment
SWFX traders' sentiment stays unchanged; the share of longs stands at 55%, just as yesterday. The number of buy orders edged up, from 63 to 67%.

© Dukascopy Bank SA


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