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

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.