Dukascopy - Analytics


    488.50 6.00/10
    83% of positive reviews

    USD/JPY under 119

    © Dukascopy Bank SA
    "While the current USD weakness is severely over-stretched, it is too early to expect a low just yet. Expect any rebound to hold below 119.20 for a move to 118.50."
    - UOB Group (based on FX Street)

    Pair's Outlook
    The Greenback experienced a sharp decline at the end of the previous week amid the devastating US Non-Farm Employment Change data. All of the nearest supports have been breached, leaving the USD/JPY pair with a 76-pip loss. Moreover, the 119 border was pierced, and the US Dollar settled at 118.91 against the Yen. Technical indicators give bearish signals and suggest a further slump today, whereas the closest support level now lies around 118.30, represented by the lower Bollinger band and weekly S1.

    Traders' Sentiment
    Market sentiment among SWFX traders improved even more, as 75% of participants are long the Buck. However, the gap between the buy and sell orders narrowed to 52% against 48%.

    © Dukascopy Bank SA

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