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- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
The US Dollar outperformed the Japanese Yen for the eight consecutive time yesterday, successfully breaching the tough resistance area in front of the 104.00 major level. This opens the door for another rally, which would imply the USD/JPY closing above the 104.00 mark, thus, establishing a fresh two-month high. However, the upcoming payrolls data could turn the tide for the Greenback, causing it to fall back under 103.50, with the next support located only at 102.84, represented by the weekly R2. Meanwhile, technical studies retain mixed signals, unable to confirm either scenario.
Traders' Sentiment
Bullish market sentiment keeps fading, as 56% of all open positions are now long, compared to 58% yesterday. At the same time, the number of orders to purchase the US currency increased from 47 to 56%.
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