Dukascopy - Analytics

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USD/JPY gravitates towards 124.00

© Dukascopy Bank SA
"The labor market data on Friday is the big event. The Fed is ready to lift off; if we get a strong reading on jobs, over 200,000, the lift-off is on track."
- BBH (based on CNBC)

Pair's Outlook
The USD/JPY remained relatively unchanged on Monday, as the pair only suffered a nine-pip loss. The weekly PP along with the 20-day SMA prevented the Greenback from edging lower and are expected to do so again today. As a result, we US Dollar is likely to rebound and climb above the 124.00 major level once again. However, for the past several days the pair was glued to the psychological 124.00 area; therefore, the rally is unlikely to exceed 25 pips. Meanwhile, technical studies' signals shifted from mixed to bullish ones, bolstering the possibility of the positive outcome.

Traders' Sentiment
Exactly three quarters of all positions are now long (previously 70%), whereas the share of purchase orders dropped from 71 to 70%.

© Dukascopy Bank SA


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