Dukascopy - Analytics


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    USD/JPY to remain flat above 124.00

    © Dukascopy Bank SA
    "The focus is turning to the U.S. rate cycle, and (the market reckons) a September rate hike is still, if not probable, at least possible."
    - RBC Capital Markets (based on CNBC) 

    Pair's Outlook
    The 124.00 major provided support this time, preventing the USD/JPY pair from sustaining too much losses. Today the US Dollar is expected to remain relatively unchanged against the Japanese Yen, amid lack of market movers and Japanese bank holiday. Furthermore, technical indicators are giving mixed signals in the daily timeframe, suggesting the Greenback is to trade flat. The 124.00 psychological level keeps providing support, while immediate resistance rests too far, around 124.75.

    Traders' Sentiment
    Bullish market sentiment returned to its Wednesday's level of 74%, whereas the number of purchase orders added one percentage point up to 57%.

    © Dukascopy Bank SA

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