USD/JPY steps away from 103.97/60

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The smart people who were long on the dollar-yen sold it at 103. On top of that, the Nikkei's fall meant people had to unwind their FX hedges on equities and sell dollars."
- a trader at a major Japanese bank (based on Reuters)

Pair's Outlook

Following a few tests of the rising resistance line at 103.97/60 the currency pair has finally started to decline, a natural step of the channel up pattern's development. Accordingly, we would welcome extension of the dip down to the lower boundary of the corridor at 99.98/51 before USD/JPY recommences a recovery, a scenario supported by the technical studies on relevant time-frames.

Traders' Sentiment
Market participants continue to be strongly convinced that the U.S. Dollar is going to outperform the Japanese Yen (one of the least popular currencies), being that 71% of them have entered the market with buy trades. Meanwhile, the portion of buy orders has increased further, up to 73%.
© Dukascopy Bank SA
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