USD/JPY breaks 104.09/00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The market had been too bullish...and dollar/yen had been strong too. The market then got the type of factor that can trigger a corrective move."
- a Japanese bank trader (based on Reuters)

Pair's Outlook

USD/JPY failed to return above the up-trend it has been respecting since October, and, as a result, slid further, below the support formed by the monthly PP and the 2013 highs. Right now the currency pair is eroding 103.64/39, which will pave the way towards a stronger support area at 102.90/78. Here the buying pressure may stop the U.S. Dollar from ceding even more ground.

Traders' Sentiment

Bearish with respect to the greenback sentiments persist—66% of the open positions imply that the currency is going to underperform the Japanese Yen. Still, this attitude may soon change, since there is a significant number of buy orders 100 pips from the spot, namely 59% of the total amount.
© Dukascopy Bank SA
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