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USD/JPY: steady unchanged trading range

© Dukascopy Bank SA
"We expect the Fed to drop 'patient' this week, but to compensate with its growth and inflation forecasts ... and the Chair will likely emphasize gradual normalization."
- Barclays (based on CNBC)

Pair's Outlook
On Friday, the US Dollar failed to erase Thursday's losses, as the Buck only slightly edged up during the last trading day of the week. Although the USD/JPY pair tested the weekly R1 resistance around 121.61, the worse-than-forecast PPI and Preliminary Consumer Sentiment data releases stopped the pair from surging higher. As for Monday, the Greenback is expected to increase versus the Yen, as technical studies suggest. However, gains are likely to be limited around 121.95 resistance cluster.

Traders' Sentiment
Bulls keep prevailing over bears, as 57% of all market participants are now long the Greenback (previously 56%). Meanwhile, share of orders to purchase the US currency decreased from 72% to 68%.

© Dukascopy Bank SA


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