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USD/JPY struggles to remain above 124.00

© Dukascopy Bank SA
"The market is contained higher in a trend channel and this offers resistance [for the USD/JPY] this week at 127.88."
- Commerzbank (based on FXStreet)

Pair's Outlook
Although the USD/JPY reached the expected daily low on Friday, the pair still stabilised at 123.85. However, some of Friday's losses were erased over the weekend, which resulted in the Buck resuming trade above the 124.00 level. Today the US currency is expected to inch higher, as the weekly PP and 20-day SMA are providing support around 123.85, while immediate resistance is located too far up and will doubtfully be reached. Furthermore, technical indicators are now showing mixed signals, suggesting the pair is to remain flat.

Traders' Sentiment
Slightly less traders now have a positive outlook than before, namely 70% of them (previously 74%). Meanwhile, the share of commands to acquire the Greenback added two percentage points up to 71%.

© Dukascopy Bank SA


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