USD/JPY stops at 104.17/09

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"If the [Fed] minutes show that there was an overwhelming amount of support for tapering before the end of the 2013, their enthusiasm will revive the rally in the dollar and drive [the dollar's rate against the yen] back above ¥105."
- BK Asset Management (based on MarketWatch)

Pair's Outlook

Considering the U.S. Dollar has been consistently moving north for the past two months, a small correction such as the current dip should not invalidate the bullish outlook despite a breach of the up-trend. Especially, if we take into account an abundance of ‘buy' signals provided by the technical indicators. Right now the pair is supported by 104.17/09 and may already start surging from here.

Traders' Sentiment

While there was no change in the distribution among the longs (35%) and shorts (65%) compared to the previous report, now in the region between 104.90 and 103.90 an overwhelming majority (83%) of orders placed on USD/JPY is to buy the U.S. Dollar against the Japanese Yen.
© Dukascopy Bank SA
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