Dukascopy - Analytics


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    USD/JPY: a rebound is nigh?

    © Dukascopy Bank SA
    "We think low and falling real rates are likely to keep euro zone and Japanese investors focused on selling their currencies into rallies, and we expect the USD to benefit."
    - Analysts at BNP Paribas (based on CNBC) 

    Pair's Outlook
    On Thursday the US Dollar dipped despite the better-than-expected Jobless Claims data. The Greenback tested a support cluster around 119.00, but lacked the strength to penetrate the barrier and, as a result, USD/JPY settled at 119.16. Through Friday the Buck is likely to rebound, as it is on the edge of the strong support cluster. The rally might extend to 119.60, unless the fundamentals disappoint later today. Nearest resistance lies at 120.27, represented by the weekly PP.

    Traders' Sentiment
    The share of long positions grew even further, as 67% of traders have a positive outlook towards the Dollar. Meanwhile, the number of buy orders decreased, from 69 to 58%.

    © Dukascopy Bank SA

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