© Dukascopy Bank SA
- State Street Global Markets (based on Reuters)
Pair's Outlook
Wednesday ended with the US Dollar adding as little as 25 pips against the Japanese Yen, therefore, unable to climb over the immediate resistance. Earlier today BoJ Kuroda's speech triggered JPY-selling, which is a good sign, as a bullish USD/JPY development would eventually lead to another retest of the descending channel's resistance line. However, taking into account recent similar developments, the pair could still erased all intraday gains and end the day with another bearish outcome. Technical indicators keep giving bearish signals, thus, this possibility should not be ignored, where the 100.00 mark is the main target.
Traders' Sentiment
There are now 65% of traders holding long positions (previously 64%), whereas the share of purchase orders slid from 65 to 47%.
© Dukascopy Bank SA