- SWFX market sentiment is 55% bearish
- 56% of pending orders in the 100-pip range are to BUY
- US Core Durable Goods Orders
The 55-hour simple moving average is likely to guide the pair in this session.
The Energy Information Administration released the US Crude Levels data that came out better-than-expected of 5.8M, compare to forecasted negative 3.4M.
The managing editor from S&P Global Platt's, James Bambino, said: "The build brings current stocks to around 1.8 percent below the five-year of EIA data, in from over 4 percent below the week prior. His means that not only are crude stocks rising, but they are also lining up more closely to historical norms."
US Core Durable Goods Orders
The main fundamental event today is the US Core Durable Goods Orders at 12:30 GMT. This data release will be covered by Dukascopy research team at bank live webinar.
USD/JPY moving sideways for the second consecutive trading session
USD/JPY has been trading sideways for two consecutive sessions. This movement does show a slight tendency downwards, guided by the 55-hour SMA. This has allowed the pair to reach the bottom boundary of the senior channel near 110.70.The US Dollar breached this channel line and the 200-period (4H) SMA early on Thursday—a move which is likely to strengthen bears during the following hours, as some downside potential is still apparent in the market. This fall is unlikely to exceed the combined support of the weekly S2, the monthly PP and the 61.80% Fibonacci retracement at 110.25.
Given the strong resistance levels located nearby, it is unlikely that bulls gather enough momentum to overcome the 55– and 100-hour SMAs at 111.25.
Hourly Chart
The USD/JPY currency pair has breached a significant support level at 110.84 and is gradually moving towards the 61.80% Fibo.
Daily chart
SWFX traders remain bearish on the USD/JPY pair, as 55% of open positions were SHORT during the morning hours. Furthermore, traders set up orders are still bullish, as 56% of trader set up orders are to BUY the US Dollar against the Yen.
Meanwhile, the market sentiments of OANDA traders are bullish on the USD/JPY pair as 51% of open positions are long. In addition, Saxo bank traders are 56% bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility