USD/JPY steps back

USD/JPY failed to surpass the local peak (Dec 3) yesterday and as a result slipped down the weekly PP. Even if the setback gets bigger despite the ‘buy' signals of the majority of the technical indicators, it should not change the positive outlook on the pair. As long as the key supports at 100.95/26 and 99.24/12 remain intact, demand is likely to stay strong.

Although there was a notable drop in the value of the U.S. Dollar, SWFX market participants do not appear to be in a hurry to exploit the cheaper price. Their portion increased only by one percent, though compared to the yesterday's figure the share of buy orders plummeted five percentage points to 79%.