Dukascopy - Analytics

    Dukascopy

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    USD/JPY crawling out of the pit

    © Dukascopy Bank SA
    "Our core views have not changed across commodity and FX markets: we remain bearish on commodities and bullish on the USD in the G10 and EM areas."
    - RBC Capital (based on Reuters)

    Pair's Outlook
    The US Dollar overperformed the Yen yesterday, as initial resistance failed to stop the currency from advancing. USD/JPY tested the next resistance level around 121.07, before ending the trading session at 120.77. Through Friday the Greenback is expected to extend the gains, as it opened just over a strong support cluster, and the technical indicators are giving bullish signals. However, the rally may be challenged by the bears (sellers) at the monthly R1.

    Traders' Sentiment
    SWFX market sentiment remains unchanged at 59%. The portion of pending orders, however, slightly fell back, as 68% (yesterday 69%) of all commands in the 100-pips range around the spot are to purchase the Buck.

    © Dukascopy Bank SA

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