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USD/JPY flat between weekly R1 and Bollinger band, risks falling

© Dukascopy Bank SA
"The key difference between last week and this week is that we are one week closer to the Fed's rate hike. The economic data doesn't need to accelerate for the Fed to pull the trigger; the Fed only needs to see the recent trends extending for another few weeks."
- SLJ Macro Partners (based on WBP Online)

Pair's Outlook
The USD/JPY currency pair experienced some volatility on Thursday, but ultimately, remained relatively unchanged. The Greenback failed to advance, which resulted in a three-pip decline, as the weekly R1 provided the expected support. Despite the rather strong support, it is likely to be pierced today after employment change data release. The Bollinger band is keeping the Buck from appreciating today and unless there are improvements in the market, the US Dollar could fall to around 124.40. Meanwhile, technical indicators retain their bullish signals, suggesting the pair is to end the week with a rally.

Traders' Sentiment
Exactly three quarters of traders now have positive outlook towards the Buck, whereas the share of buy orders declined from 72 to 64%.

© Dukascopy Bank SA

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