USD/JPY fluctuates around the weekly PP at 87.49

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The yen has had a very sharp depreciation and it must be due for some kind of consolidation. I do think dollar-yen needs a bit of a breather. The fact that the Bank of Japan is under pressure to make monetary policy even easier and print money is going to drive the yen weaker over time "
- Rochford Capital (based on Bloomberg)

Pair's Outlook
USD/JPY has performed a notable decrease yesterday, as the price has slightly passed the weekly PP at 87.49. The major Asian currency pair remains in a bullish trend—above the 20-day and 55-day SMAs, but experiences an oversold situation - the RSI has slipped to 69. The closest support levels are at 86.58, the weekly S1, and the 20-day SMA at 85.94. In case a bullish impetus renews, the next resistance level is at 88.41, the monthly R1.

Traders' Sentiment
SWFX market traders have reached an equilibrium in USD/JPY pair, as the buy side has control over 52% of positions and the sell side over 48%. Pending orders situation keeps a strong support for a further appreciation, since 86% of orders are buy and 14% are sell.

© Dukascopy Bank SA
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Tue, 08 Jan 2013 08:46:07 GMT

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