Dukascopy - Analytics


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USD/JPY takes another shot at retaking 120.00

© Dukascopy Bank SA
"Dollar moves are being dictated by equities. But there is some caution towards aggressively buying currencies like the yen amid hopes that China will come up with additional stock-supporting and easing measures, though this is notyet consensus."
- Societe Generale (based on CNBC)

Pair's Outlook
The US Dollar's volatility to the upside reached the weekly S1 at 120.41, but was instantly pushed back, ultimately resulting in a slight decline. Even though technical indicators are now giving bearish signals, the USD/JPY is still expected to recover today and negate yesterday's losses. However, trade opened just under a strong resistance cluster, which could force the pair to sustain more losses if the fundamental data weighs on the Greenback. On the other hand, in case of the odds being in Buck's favour, the 120.00 major level is likely to be retaken today.

Traders' Sentiment
Less traders have a positive outlook towards the US currency, namely 60% of them. The share of buy orders slid from 44 to 39%.

© Dukascopy Bank SA

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