USD/JPY erodes 103.52/34

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Markets are slightly risk-off indeed, mostly on the back of weak China data over the weekend. There's nothing really new on Ukraine stuff, but obviously yen is one of the few currencies you can buy in an uncertain market."
- BNP Paribas SA (based on Bloomberg)


Pair's Outlook

Although the upward impetus noticeably weakened following a test of the resistance between 103 and 104 last week, USD/JPY carries on grinding higher. The current obstacle is represented by the 23.6% Fibonacci retracement of October-December rally, whereas the key zone is created by the 2013 highs and the monthly R2 around 104. In the meantime, the support is provided by a combination of the 55 and 100-day SMAs.

Traders' Sentiment

The portion of bullish market participants declined two percentage points, but there is still plenty of them to claim that the sentiment with respect to USD/JPY is strongly positive—73% of open positions are long and only 27% are short.
© Dukascopy Bank SA

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