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USD/JPY attempts to preserve the trend-line

© Dukascopy Bank SA
"The dollar is less owned -- or over-owned -- than the yen as a safe-haven currency, and given that this issue of Brexit will be with us for more weeks and months, there's a natural demand. We used to be proponents of a weaker dollar. For the next three months this could change massively." 
- Julius Baer (based on Bloomberg) 


Pair's Outlook 
As was anticipated, the risk-off sentiment drove the USD/JPY currency pair lower on Tuesday, putting the eight-month support line to the test. The Greenback now risks breaking this trend-line if more weakness persists, despite the support line being reinforced by the weekly S1. Another tough support cluster is located around 100.60, namely the 50.0% Fibo, the Bollinger band and the weekly S2. On the other hand, technical indicators are giving bullish signals, suggesting that the US Dollar is to appreciate against the Yen. In this case the closest area to limit the gains is the weekly PP at 102.46. 

Traders' Sentiment 
Nearly three quarters (74%) of traders are long the Buck today, compared to 73% yesterday. Meanwhile, the share of buy orders skyrocketed from 37 to 77%.
© Dukascopy Bank SA


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