Dukascopy - Analytics


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    USD/JPY anchored around 104.00

    © Dukascopy Bank SA
    "If it breaks 100, Bank of Japan intervention is possible, but in order to intervene in the markets, you have to get agreement from the United States, and at this level -- 104, 105 -- I don't think the U.S. would agree." 
    - Eisuke Sakakibara, former Finance Ministry official (based on Market Watch) 

    Pair's Outlook 
    Risk aversion keeps driving the USD/JPY currency pair, being that the Greenback experienced another decline against the Japanese Yen on Monday. This time the 104.00 level was pierced, suggesting that more bearish momentum could follow. Technical studies in the daily timeframe also retain their bearish signals, implying that the pair is to sustain another sell-off. The monthly S2, located at 103.34, is the closest support, while the support trend-line at 102.46 is the intraday bottom target. Furthermore, there is an interim support just under the 103.00 mark, that could keep the losses limited, while the upper border is represented by the weekly PP at 104.87. 

    Traders' Sentiment 
    Still 74% of all open positions are long today, whereas the share of buy orders inched down to 61% from 56% on Monday.
    © Dukascopy Bank SA

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