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    USD/JPY takes another crack at 120

    © Dukascopy Bank SA
    "USD-JPY may remain in lock down mode with background dollar vulnerability balanced by still sanguine investor appetite (not least from the latest rate cuts out of China)."
    - OCBC Bank (based on FX Street)

    Pair's Outlook
    After experiencing substantial volatility, the US Dollar still edged up, but not as much as anticipated. The pivot point cluster around 119.64 provided necessary support, but the USD/JPY pair failed to maintain its position above 120. Ultimately, the Greenback added only three pips against the Yen. Nevertheless, the rally is likely to continue today, although the 55-day SMA will probably weaken the surge, preventing the Buck to rise above 120. Meanwhile, technical studies retain bullish signals in all timeframes.

    Traders' Sentiment
    Today 58% of traders are long the US Dollar, compared to 60% previously. At the same time, buy orders increased by five percentage points, now taking up 71% of the market.

    © Dukascopy Bank SA

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