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    USD/JPY remains on the back foot

    © Dukascopy Bank SA
    "Until the U.S. economy can make the case for a rate rise, the dollar will be at risk of slipping further." 
    - Western Union Co. (based on Bloomberg) 


    Pair's Outlook 
    As was anticipated, the USD/JPY currency pair failed to fall beyond the 38.20% Fibo yesterday, but closed still just under the 107.00 mark. Consequently, more bearish momentum is likely to follow, with the 38.20% Fibo at 106.65 to be put the test. The lower Bollinger band is bolstering that support, also suggesting that the exchange rate could drop even beyond 106.50. Meanwhile, technical indicators are also in favour of the negative outcome, as they are giving bearish signals both in the daily and the weekly timeframes, implying that all Monday's gains are to be erased by week's end. 

    Traders' Sentiment 
    There are three quarters (75%) of traders holding long positions today (previously 73%). At the same time, the number of orders to purchase the US Dollar in the 100-pip range edged higher from 49 to 65%.
    © Dukascopy Bank SA

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