Dukascopy - Analytics

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    USD/JPY to keep climbing higher

    © Dukascopy Bank SA
    "The next support for the US dollar currently sits down at the 200 week MA at 105.20. A weekly close through here has the potential to open up the 100 level, but for now the risk remains for a recovery back through the 107.80 area, which could well see a return to the 109.00 area."
    - CMC Markets (based on WBP Online)
     
    Pair's Outlook
    For the fifth consecutive day last week, the US Dollar remained relatively unchanged against the Japanese Yen, unable to maintain trade below the 107.00 mark. Downside risks persist, as technical indicators in the daily timeframe suggest, with the nearest support located at 106.71, represented by the weekly pivot point. However, the USD/JPY currency pair appears to be reluctant to return under the 107.00 major level, with bulls pushing the exchange rate higher. The Buck now faces the weekly R1 at 107.88, which is the closest possible resistance area. The second target rests circa 108.70, but is reachable only if the 108.00 level is overcome during the day.
     
    Traders' Sentiment
    Bullish market sentiment remains unchanged at 71%, whereas the share of sell orders edged higher from 51 to 54%.
     
    © Dukascopy Bank SA

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