Dukascopy - Analytics

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    USD/JPY consolidates around 114.50

    © Dukascopy Bank SA
    "The JPY was the victim of improved risk sentiment, its ‘safe haven' appeal fading."
    - BNZ (based on WBP Online)

    Pair's Outlook
    With demand for less riskier assets, namely the Yen, lower, the US Dollar was able to post significant gains against it on Monday. Daily and weekly technical studies keep insisting that the given pair is likely to resume its bearish momentum rather sooner than later. The monthly S2 and the weekly PP form the nearest support cluster just under 114.00, but if bears manage to push the USD/JPY lower, this level will doubtfully hold. At the same time, the closest area to stop USD-buying is located above the 117.00 major level, more than 200-pips away from the spot price.

    Traders' Sentiment
    Although more traders (64%) have a positive outlook towards the Buck (previously 48%), the share of buy orders slid from 59 to 51%.

    © Dukascopy Bank SA

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