Dukascopy - Analytics

    Dukascopy

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    USD/JPY to fall under 120 once again

    © Dukascopy Bank SA
    "We need to see a couple of weeks of good data from the US for the dollar to pick up again and get back on track."
    - DZ Bank (based on WBP Online)

    Pair's Outlook
    After minor volatility, USD/JPY failed to meet expectations, as it edged slightly down, rather than up. The Greenback remained relatively unchanged against the Yen, as an only two-pip decline occurred. Furthermore, the US Dollar retains its positions above the 120 level; however, it is to be tested today. A plunge is expected, with the nearest support located only at 119.91, represented by the 55-day SMA. Nevertheless, if the US fundamentals disappoint even more, a dip towards a support cluster around 119.64 is possible.

    Traders' Sentiment
    Sare of bulls increased by 1%, as 67% of all positions are now long. The portion of buy commands, on the other hand, lost one percentage point, as they now take up 58% of the market.

    © Dukascopy Bank SA

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