Dukascopy - Analytics

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USD/JPY barely moved for the second day

© Dukascopy Bank SA
"U.S. dollar long positions are at record levels and the currency markets have already priced in the removal [of word "patient" from the Fed statement] and a rate hike in June."
- NAB (based on CNBC)

Pair's Outlook
The US Dollar remained relatively unchanged against the Japanese Yen. The currency slightly added in value, but the price stayed close to the weekly PP level for the second day. By the end of Tuesday the Greenback was at 121.35. However, despite a lack of momentum, USD/JPY is expected to keep trundling north, as implied by the technical studies. The nearest resistance remains the same, namely the 2014 high at 121.84.

Traders' Sentiment
Bulls increased their advantage over bears, as 61% (previously 60%) of all positions are now long. Meanwhile, the percentage of buy orders also went up. Now 80% of all pending orders are set to acquire the Buck.

© Dukascopy Bank SA


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