Dukascopy - Analytics

    Dukascopy

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    USD/JPY keeps rising

    © Dukascopy Bank SA
    "On short term immediate resistance is seen at 120, a break above will mean a retest of right shoulder at 121."
    - Societe Generale (based on FX Street)

    Pair's Outlook
    After substantial volatility, USD/JPY surged above 119 once again. Initial resistance cluster around 119.20 failed to prevent the pair from gaining value; however, the 20-day SMA coped with this issue without difficulty. Furthermore, resistance around 119.85 was tested, whereas attempts to reclaim it will be made today. Technical indicators are showing mixed signs in the shorter timeframes, while in the longer ones signals remain bullish. The US Dollar is likely to extend the rally today, with the monthly PP acting as the immediate resistance; however, we might see the Greenback close around 120.

    Traders' Sentiment
    Although not as strong as yesterday, but market sentiment remains bullish at 72%. The number of buy orders added 14% to 65%.

    © Dukascopy Bank SA

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