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USD/JPY keeps testing the 200-day SMA

© Dukascopy Bank SA
"The U.S. is the only one that is ready to hike. The rest of the world is either neutral or dovish. That supports the positive dollar view."
- Credit Suisse (based on Bloomberg)

Pair's Outlook
Although the USD/JPY managed to climb above the 121.00 major level, the 200-day SMA limited the Greenback's gains yesterday. According to short-term indicators, the Buck is poised for another surge, despite having retreated to the opening price (pushed back by the weekly R1) today. The 200-day SMA is still acting as a rather strong resistance, and along with a number of fundamentals, might cause a decline towards the 120.00 cluster. A fresh two-month high is yet to be established, with the next supply target around 121.75, namely the 100-day SMA.

Traders' Sentiment
Bears keep taking up 71% of the market, while the portion of orders to acquire the USD gained seven percentage points to 56%.

© Dukascopy Bank SA

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