Dukascopy - Analytics


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USD/JPY stuck between 20-day SMA and weekly PP

© Dukascopy Bank SA
"The dollar/yen has tested those levels many times and failed to break through... For the moment, I suspect the dollar will go back and forth between 123 and 125."
- State Street (based on CNBC)

Pair's Outlook
The Greenback failed to appreciate against the Yen on Friday, but is expected to do so today, as a consequence of the poor Japanese Q2 GDP report. Furthermore, the 20-day SMA keeps providing support, refusing to let the USD/JPY to edge lower. Technical studies also retain their bullish signals, bolstering the possibility of a positive outcome. However, a resistance rests at 124.47, represented by the weekly PP, which could limit the gains or even cause the given pair to retreat towards the 20-day SMA at 124.21.

Traders' Sentiment
Bullish market sentiment remains unchanged at 71%. At the same time, the share of buy orders added four percentage points. The commands now account for 62% of the market.

© Dukascopy Bank SA

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