Dukascopy - Analytics


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    USD/JPY remains glued to 124.00

    © Dukascopy Bank SA
    "If you believe U.S. rates will go up, the dollar is the choice. But if you do not have confidence in the global economy, the yen will be your destination."
    - FPB Securities (based on CNBC)

    Pair's Outlook
    Despite expectations, a correction took place on Thursday, forcing the USD/JPY to drop below the 124.00 major level again. Nevertheless, the weekly PP keeps providing support, refusing to let the pair drop lower. As a result, the Greenback should experience a boost to regain that area today, but is unlikely to exceed the weekly high of 124.48. At the same time, technical studies retain their bullish signals, bolstering the possibility of a rally today.

    Traders' Sentiment
    Bulls regained some numbers, as 66% of all positions are long today, compared to 62% yesterday. The portion of purchase orders returned to its Wednesday's level of 63%, up from 60%.

    © Dukascopy Bank SA

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