USD/JPY confirms down-trend at 96.56

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"It's a bit frustrating, because people want to trade on those technicals, but it's really being driven by external factors and if that (U.S. situation) were to rectify itself, we'd probably be right back where we were at 98.50, 99."
- State Street Global Markets (based on Reuters)

Pair's Outlook

Although there are considerable downside risks present at the moment, USD/JPY is consistently respecting the down-trend support that connects the most notable peaks (May 22, Jul 7, Aug 23) and the most recent valleys. Accordingly, even though the sell-off is expected to persist, judging by the technical indicators, the price is highly unlikely to violate this falling line.

Traders' Sentiment
To a large extend SWFX market participants have changed their expectations regarding the Japanese Yen—more of them have become bearish on the Asian currency. In all of its crosses the portion of the Yen-long positions plunged from 40% to 30%. Respectively, the sentiment in USD/JPY is now even more bullish than yesterday—74% of positions are long.
© Dukascopy Bank SA
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Tue, 08 Oct 2013 07:35:10 GMT

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