Dukascopy - Analytics

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    USD/JPY to be capped at 119

    © Dukascopy Bank SA
    "Right now position, data flow and policy comments are working against USD, so even committed longs are trimming positions."
    - CitiFX (based on CNBC)

    Pair's Outlook
    The US Dollar declined against the Japanese Yen for the fifth consecutive day on Friday. USD/JPY tested support around the lower Bollinger band, before crossing the 119 level and settling at 118.83. The technical studies are showing mixed signs, while a correction is likely to take place on Monday; however, the pair should not rise above the psychological 119 level. Furthermore, we should not rule out the possibility of a fall towards 118.45.

    Traders' Sentiment
    Market sentiment slightly worsened, as the share of long positions went down from 75 to 74%. The number of net orders, on the other hand, increased, as 66% of orders are now to acquire the Dollar (previously 57%).

    © Dukascopy Bank SA

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