USD/JPY stays silent

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We are seeing safety bids into the yen. Fundamentals in Europe look weak because of austerity measures. The markets started to realize they can't be too optimistic about the debt crisis"
- Mizuho Securities Co. (based on Bloomberg)

Pair's Outlook

USD/JPY continuously gravitates towards 77.99 and does not give any reason to believe it intends to leave its vicinity in the observable future. However, the currency pair has a higher chance to commence a recovery than to remain bound by lines that form a downtrend channel, since supports at 77.68/63 and 77.25/18 are expected to provide enough buying pressure in order for the price to surge above 79.64/77.

Traders' Sentiment
An overwhelming majority of positions on USD/JPY are long, implying increased conviction of traders that the greenback is going to gain value against the Japanese Yen. Additionally, the portion of buy orders (78%) significantly exceeds the share of sell orders (22%).

© Dukascopy Bank SA
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Actual Topics

Mon, 24 Sep 2012 08:03:20 GMT

USD/CHF steps higher

Despite proximity of a formidable resistance area at 0.9376/0.9406 the U.S. Dollar carries on getting firmer relatively to the Swiss Franc. Nonetheless, current bearish outlook is preserved, unless the zone gives in and paves the way towards subsequent resistances that are considerably weaker, namely 0.9421/41 and 0.9486, which are thus less likely to halt advancement of the pair.

Mon, 24 Sep 2012 07:41:20 GMT

GBP/USD consolidates at 1.6233

The cable is desperately trying to overcome a major downtrend resistance, but is capped by 1.6233 in conjunction with 1.6300/04. Accordingly, rallies are unlikely to extend beyond these levels, even though GBP/USD may rechallenge them shortly. Still, the long-term outlook is bearish, being that the pair has already reached the upper limit of a downtrend channel it has been trading

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