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    USD/JPY makes head against the tide

    © Dukascopy Bank SA
    "While today's Tankan was not as bad as most had feared, it nonetheless corroborates other signs that Japan's economic recovery has ground to a halt."
    - Capital Economics (based on WBP Online)

    Pair's Outlook
    The Greenback managed to rebound yesterday, with the upside volatility reaching the weekly PP at 120.33. Even though technical indicators retain their bearish signals, the US Dollar is likely to extend its gains today. However, with the beginning of the new month, the monthly PP shifted to the 119.93 mark, which is providing resistance quite close to the opening price. However, the USD/JPY has already pierced the two immediate resistances and is on the verge of piercing the third one and prolonging its rally, amid rising concerns of further easing from the BoJ.

    Traders' Sentiment
    More than two thirds (70%) of traders are now long the Buck, whereas the share of purchase orders declined from 44 to 40%.

    © Dukascopy Bank SA

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