© Dukascopy Bank SA
"The USD appears to be regaining composure in the aftermath of last week's soft jobs data with some help from U.S. yields, which rebounded from Friday's lows."
- BNP Paribas (based on CNBC)
Pair's Outlook
On Monday, the US Dollar misbehaved, as a correction took place instead of a slump. The Greenback rebounded significantly, breaching the 100-day SMA and meeting supply area at 119.53, namely the upward trend-line. Today, USD/JPY is likely to edge up again, unless the fundamental data turn out to be worse than expected, whereas the technical indicators retain their bearish signals. The nearest resistance level lies around 119.60, while the weekly PP should stop the pair from falling deeper.
Traders' Sentiment
Bullish positions returned to their week-old level of 70% (down from 75%). The number of purchase orders, on the other hand, increased, as 55% of them are to buy the Buck.
© Dukascopy Bank SA