Dukascopy - Analytics

Dukascopy

463.75 6.00/10
83% of positive reviews
Real

USD/JPY on the verge of breaking the up-trend completely

© Dukascopy Bank SA
"It is hardly surprising that safe-haven currencies like the yen are under pressure. However, it is questionable how long this risk appetite will last."
- Commerzbank (based on CNBC)

Pair's Outlook
Even though the USD/JPY currency pair remained relatively unchanged on Wednesday, its four-pip rally still confirmed the up-trend. The outlook, therefore, remains unchanged, as the Buck should follow the trend and appreciate against the Yen again today. The up-trend is also supported by the monthly S2, creating a cluster around 117.65, while the closest resistance is represented by the weekly PP at 118.30. However, risks of edging lower persist, as technical studies retain their bearish signals; along with weak fundamentals, price could be pushed down to 117.20 or even lower. 

Traders' Sentiment
Today 61% of traders are short the US Dollar (previously 59%), whereas sell orders are now outnumber the buy ones by 4% points.

© Dukascopy Bank SA


To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree