Dukascopy - Analytics


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    USD/JPY on the way to March high

    © Dukascopy Bank SA
    "Amid some moves to shift toward yen-selling, we are finally starting to see a break toward the topside of the (dollar/yen) range."
    - Sumitomo Mitsui Banking Corporation (based on CNBC) 

    Pair's Outlook
    The US Dollar overperformed on Tuesday, as the initial resistance level was easily breached. Moreover, during the trading session USD/JPY currency pair was able to reach April 9 high, before stabilising at 120.64. Today the Greenback might even close trade around the highest levels in March. The nearest significant obstacle is the 121 area, which is likely to give in, as technical studies suggest further rally from short to long terms.

    Traders' Sentiment
    Bullish market sentiment returned to last Friday's level of 60%, while the share of purchase orders now takes up three quarters of the market (75%).

    © Dukascopy Bank SA

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