USD/JPY closes downside gap

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"If the Ukraine situation escalates, and that leads to a global risk-off, and perhaps higher oil prices as well...Japanese policymakers would have to reassess the economic impact on Japan and that may prompt a policy response."
- Bank of Singapore (based on CNBC)


Pair's Outlook

USD/JPY starts Tuesday on a strong footing. However, at the moment the currency pair is facing a formidable resistance at 101.77/75, consisting of the weekly and, most importantly, of the monthly pivot points. If this obstacle is overcome, the U.S. Dollar will have a good chance to carry on with the long-awaited recovery, which is implied by the monthly technical indicators.

Traders' Sentiment

An overwhelming majority of the SWFX market participants, specifically 74% of them, reckon that the Japanese Yen will in the end underperform relative to the greenback. At the same time, the buy orders placed 100 pips from the spot are losing their positions—their share dropped from 65% to 57%.
© Dukascopy Bank SA

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