Dukascopy - Analytics


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    USD/JPY to negate this week's losses

    © Dukascopy Bank SA
    "USD traded in a listless manner yesterday and there is no change to the current neutral outlook. Only a break out of the expected 118.30/120.10 consolidation range would indicate the start of a sustained mid-term move."
    - UOB Group (based on FX Street)

    Pair's Outlook
    On Wednesday, the USD/JPY pair edged higher, despite bearish prospects and weak fundamental data. The Greenback experienced substantial volatility, before settling close to the 119 psychological level. Nonetheless, this obstacle was not overcome, but it is likely do so today. Immediate resistance retains its position around 119.20, although a hike towards the 20-day SMA at 119.42 is also possible. Meanwhile, technical indicators keep giving mixed signals.

    Traders' Sentiment
    Bulls are prevailing over bears, taking up three quarters of the market (75%). The gap between the buy and sell commands narrowed. Now 51% of all orders are to acquire the Buck.

    © Dukascopy Bank SA

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