Community Forecasts for April 18 - 22: USD/JPY 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 19 Apr 2016 11:40:03 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
Compared to a number of weeks before, in the period of April 11-15 the USD/JPY currency cross developed in a more bearish manner, even though the closing level on Friday was able to overcome the Monday's opening mark of 108.95. In the middle of the week, the pair soared since Federal Reserve speakers have been optimistic and more hawkish, which helped the dollar to rebound from Fed Chair Janet Yellen's speech in New York a few weeks back. Eventually, on Friday, Japan's currency dropped after major figures from the Chinese economy renewed optimism on the markets and promoted riskier assets. Chinese data released on Friday showed GDP decelerating to 6.7% and marking the slowest growth since 2009, just in line with analysts' expectations. 
Meanwhile, 63% of Dukascopy Community members still think that pair will continue its bearish development. Slightly more than 26% of traders expect the pair to close above the 108.5 level at the end of the present working week, while the average expectation stays just below this level, which is supported both by weekly pivot point and daily S1 support line. Jignesh also supports a pure bearish trend adding that "After a bit of a pull back last week, bears have had decent levels to get on the short side once again.  The pressure on the Yen pairs remains, and while the USD remains in it's down trend this pair will continue to face sellers.  If we do see a bit of a bullish continuation early week, 110 is an area that can cap the bull move and return the bearish trend."

© Dukascopy Bank SA

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