© Dukascopy Bank SA
© Dukascopy Bank SA
"The safe haven appeal of the yen is likely to keep it in demand in the week ahead as global investor risk sentiment is likely to remain fragile."
- Bank of Tokyo-Mitsubishi UFJ (based on WBP Online)
Pair's Outlook
A strong reading of yesterday's US Import Prices helped the USD/JPY pair to preserve the up-trend and stabilise at the highest level this week. The Buck, however, struggled to climb over the weekly PP, which acted as the immediate resistance and limited the volatility. A breakout of the current trading range is expected, with the bearish trend prevailing. Nevertheless, the immediate support in face off the up-trend and the monthly S2 around 117.70 remains strong, which in turn could even cause a rebound and a breach of the weekly PP at 118.30. Technical studies, on the other hand, retain bearish signs.
Traders' Sentiment
Today 62% of traders hold short positions, whereas sell orders outnumber the buy ones by only 2% points (previously 4% points).
© Dukascopy Bank SA
© Dukascopy Bank SA