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    USD/JPY marches towards 119.6

    © Dukascopy Bank SA
    "Since the [US] dollar was on the back foot, you may be seeing a repositioning where some investors have decided that at these new levels it may make sense to be long the U.S. dollar."
    - Nomura Securities (based on CNBC)

    Pair's Outlook
    USD/JPY fell under substantial volatility yesterday. The Bollinger band was tested on the downside, as well as the weekly PP on the upside. Ultimately, the US Dollar over-performed, as it edged up higher than anticipated. The 119 mark was crossed, and the Buck stabilised at 119.21. The technical indicators keep showing mixed signs, so the extension of the ‘correction' rally is expected. The weekly PP is likely to be breached, and the Greenback should end the trading session around 119.6, namely the 20-day SMA.

    Traders' Sentiment
    Although not as strong as yesterday, but market sentiment remains bullish, with 72% of all positions being long. The share of buy commands now takes up 64% of the market.

    © Dukascopy Bank SA

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