Dukascopy - Analytics


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USD/JPY stuck between 123.00 and Nov high

© Dukascopy Bank SA
"JPY shorts have lost ground for a second consecutive week. The BoJ continues to indicate that it has little enthusiasm for extending its huge asset purchase programme at this stage."
- Rabobank (based on WBP Online)

Pair's Outlook
Yesterday the USD/JPY currency pair edged closer to the Nov high, but failed to touch the immediate resistance cluster. Today the Yen got the upper hand, as it was boosted by a stronger-than-expected Japanese GDP reading. The cluster around the 123.00 major level, namely the weekly PP and the 20-day SMA, should provide sufficient support, but the bullish momentum could still be regained, with the Greenback touching the upper Bollinger band at 123.55. Meanwhile, technical studies retain their mixed signals, unable to confirm either scenario.

Traders' Sentiment
Bearish market sentiment returned to last Friday's level of 71%, whereas the share of buy orders inched up from 62 to 64%.

© Dukascopy Bank SA

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