Dukascopy - Analytics

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    USD/JPY in tight range between 100 and 200-day SMAs

    © Dukascopy Bank SA
    "Now no decision has been made on that [Fed interest rate hike] and, what it will depend on, is the [Federal Open Market Committee's] assessment at the time. That assessment will be informed by all of the data that we collect between now and then."
    - Janet Yellen, Fed Chair (based on WBP Online)

    Pair's Outlook
    The USD/JPY appreciated slightly more than anticipated and, as a result, stabilised at the highest in two months. Even though the Greenback is supported by the weekly R1 today, a sharper fall towards the 200-day SMA at 121.08 is possible if the fundamental data disappoints. At the same time, the 100-day SMA, along with the August 28 high (121.74) are providing resistance, a break of which should then trigger a rally towards the June high at 125.87 in a longer perspective.

    Traders' Sentiment
    Market sentiment remains bearish, but with 63% of traders holding short positions, compared to 71% yesterday. The share of buy commands remains unchanged, accounting for 56% of the market.

    © Dukascopy Bank SA

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