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    USD/JPY trades in murky waters

    © Dukascopy Bank SA
    "Although the market mood hasn't turned fully into a risk-off [mode], we've been seeing the yen's strength across the board."
    - Mizuho Bank (based on Market Watch)

    Pair's Outlook
    Same as yesterday, the appeal for safe havens, such as the Japanese Yen, is relatively high. On Thursday the USD/JPY currency pair broke through a rather strong support area, leaving the door open for a decline towards the 112.00 mark. This major level is somewhat bolstered by the monthly S3, which is located at 111.78 and should contribute to limiting the possible intraday losses. Even though daily technical indicators support this outcome, the weekly ones are no long giving bearish signals, implying that a corrective rally towards 113.88 supply area could occur.

    Traders' Sentiment
    The US Dollar appears to be overbought, as 71% of all open positions are long. The share of sell orders surged from 32 to 69%.

    © Dukascopy Bank SA

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