© Dukascopy Bank SA
"The most notable influence on markets recently has been the quarterly reporting in the U.S, which has shown a softening of outcomes relative to expectations."
- White Funds Management (based on Reuters)
Pair's Outlook
The US Dollar inched seven pips higher against the Yen, remaining within the borders of the immediate resistance cluster, namely between the 20-day SMA and the monthly PP. The pair is expected to bounce back from the 120.00 level today and weaken towards the weekly PP at 119.23. A breach of the immediate support is likely to cause a slump towards the 118.50 support line, which is bolstered by the monthly S1 in October. Technical studies also point to a possibility of this area being tested soon, as signs are distinctly bearish in the weekly timeframe.
Traders' Sentiment
Exactly three quarters (75%) of traders are now long the Greenback, whereas buy and sell orders returned to a perfect equilibrium today.
© Dukascopy Bank SA