© Dukascopy Bank SA
- Saxo Bank A/S (based on Bloomberg)
Pair's Outlook
On Monday the American Dollar managed to outperform the Japanese Yen for the fifth consecutive time, once again approaching the nine-month down-trend. Technically, the USD/JPY currency pair should now undergo a correction and end the day in a red zone, with the immediate support, namely the 20-day SMA, failing to limit the losses. Technical indicators are also in favour of the bearish scenario, but no event today is expected to cause the pair to erase its intraday gains, acquired during the Asian session. At this point the 102.00 major level could be retaken, despite a group of important levels bolstering resistance around it.
Traders' Sentiment
Today 63% of traders hold long positions (previously 62%), whereas 77% of all pending orders are to purchase the Greenback.
© Dukascopy Bank SA