USD/JPY pulls back from 78.74

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Investors are wary of buying the yen on concerns that the Japanese authorities could intervene to weaken it"
- CNBC

Pair's Outlook

USD/JPY is presently headed towards an initial support level at 78.45/44, but may decline even more in the short term, down to 78.23/77.99. Further extension of a dip should be limited by 77.51/37 and 76.99/95, there the price is anticipated to start a long recovery, although it will have to confirm its bullish intentions by overcoming 79.53/79.

Traders' Sentiment
On average, in about 26% of trades involving JPY crosses, the Japanese Yen is sold against its peers, making it one of the least popular currencies in the SWFX marketplace. The share of bullish market participants is 72%, while the portion of bearish traders is only 28%.

© Dukascopy Bank SA
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Actual Topics

Mon, 08 Oct 2012 08:04:59 GMT

USD/CHF to test 0.9338/40

Being that downward impetus has already waned, USD/CHF is slowly returning back to a downtrend resistance line at 0.9338/40, from where we might see another bearish leg to appear. Conversely, violation of 0.9338/40 would allow the price to rise up to 0.9406/26 and thus form a double bottom pattern, implying emergence of a reversal.

Mon, 08 Oct 2012 07:43:56 GMT

GBP/USD gains bearish momentum

After breaching 1.6139 the cable is likely to challenge 1.6085/62, penetration of which in turn will pave the way towards 1.5988/56. Rallies in the meantime are to be contained by 1.6139 in conjunction with a formidable area at 1.6184/1.6212, largely formed by a major downtrend resistance line. In the long term we still favour bearish scenario and eventual attainment of

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