USD/JPY struggles to climb over 120.63

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Despite Yellen going out of her way to indicate that 2015 lift-off remains the base case among both herself and a majority of the committee, the Fed Chair's remarks continued to indicate that deterioration in the global outlook […] would bring a change to the baseline scenario ."
- TD Securities (based on WBP Online)

Pair's Outlook

On Friday, the USD/JPY broke out of the triangle pattern completely, as the exchange rate reached the 121.00 cluster. However, trade still closed only at 120.55, the area which the pair struggled to pierce for three weeks straight. From the technical point of view the Greenback should undergo a correction and drop to 120.12, the point where the 20-day SMA coincides with the support trend-line. Nevertheless, with a number of Fed officials scheduled to speak today, the end-game could be positive for the US currency, but still limited by the resistance cluster around 121.00. 

Traders' Sentiment

Bull keep growing stronger, with 62% of all positions being long (previously 61%). The share of buy orders edged up from 52 to 72%.

© Dukascopy Bank SA

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