© Dukascopy Bank SA
- Royal Bank of Canada (based on Business Recorder)
Pair's Outlook
For the second day this week the USD/JPY currency pair remained relatively flat, due to lack of a market mover. Today the Buck is located in a tight range between the 100-day SMA from the downside and the monthly R1 from the upside; however, trade is unlikely to remain within these borders. The FOMC Meeting Minutes are expected to cause volatility and, according to technical indicators, push the Greenback higher, with a chance to retake the 104.00 psychological level. On the other hand, we remain wary of the Fed being hawkish, thus, the weekly PP at 102.78 is the main intraday target.
Traders' Sentiment
Today 57% of traders have a positive outlook towards the US Dollar, compared to 58% on Tuesday. At the same time, the share of buy orders declined from 50 to only 49%.
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