Dukascopy - Analytics

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    USD/JPY keeps testing the weekly PP

    © Dukascopy Bank SA
    "A very bullish report [of the Payrolls] would of course have a big impact. But the Fed may not make its rates decision on employment data alone."
    - Barclays (based on Reuters)

    Pair's Outlook
    Despite experiencing some volatility on Thursday, the USD/JPY currency pair remained relatively unchanged. Ultimately, the Greenback closed trade in front of the monthly PP, but further efforts to appreciate might be prevented. The pair struggled to rise above the 120.00 major level, as it is bolstered by a resistance cluster, represented by the 20-day SMA, weekly and monthly PPS. Furthermore, technical indicators retain their bearish signals; however, the US Payrolls data could still stimulate a rally towards the 120.33 psychological level, the pinnacle of the resistance cluster.

    Traders' Sentiment
    There are now 71% of traders with a positive outlook towards the Buck, whereas the share of buy orders edged up from 40 to 56%.

    © Dukascopy Bank SA

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