USD/JPY reaches 3-month high

Source: Dukascopy Bank SA
© Dukascopy
"Japanese lawmakers are applying pressure to the BOJ to further loosen monetary policy. It can only result in more monetization of debt which will weaken the yen"
- Rochford Capital (based on Bloomberg)

Pair's Outlook
USD/JPY starts this week very confidently and firmly, as the price breached 80 Yen per Dollar mark, bringing currency course to the 3-month high. After Asia trading session, exchange rate has stabilized around 0.7996 level, but, however, it is very likely that it will reach 80.18, where the monthly R2 lies. Technical indicators show first signs of overbuying USD/JPY, as the H4 RSI has value of 79 and D1 value of 71.

Traders' Sentiment
SWFX market data shows, that despite the huge price increase in recent days, traders' sentiments remain the same, as 74% have a long position and 26% hold a short. Pending orders market has huge expectations to see the further price increase, as 85% orders are buy and only 15% are for a sell position.

© Dukascopy
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Actual Topics

Tue, 23 Oct 2012 15:06:29 GMT

EUR/JPY back to week start levels

Pair started week very confidently, but did not manage to breach resistance levels at 104.50/55 where it received a strong bearish impetus and currently is trading at 103.5. Pair does not seem to have more potential left and is very likely to fall below week opening level around 103/103.13.

Tue, 23 Oct 2012 07:46:44 GMT

GBP/USD fluctuates in a 50pips range

Monday trading session was very calm in GBP/USD pair, as it fluctuated in a narrow 50 pips range. The lower channel line lies at 1.5995 level, where we have three bottoms since September 10th and it is very possible, if the price settle below this level, we will see a more serious downside impulse. In this case, the next support

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