USD/JPY stays flat

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"There is expectation, leading up to the increase in the consumption tax, that the BOJ is going to take more expansionary measures, so whether it was January or February or March, the general consensus is that something will be done in that period."
- State Street Global Markets (based on CNBC)

Pair's Outlook

USD/JPY continues to be largely inactive, trading just above the support at 104.09/00. Nonetheless, considering that most of the trading indicators of the weekly and monthly charts are bullish, eventually the currency pair is expected to gain upward momentum, while aiming for the rising resistance trend-line at 106.57/07. On its way there the price will have to overcome the weekly R1 at 105.15.

Traders' Sentiment

It is noteworthy that the percentage of short positions (presently 58%) open on USD/JPY is currently well-below the 10-day average (63%) and keeps on declining. At the same time the amount of the buy orders placed on the currency pair is on the rise—right now they constitute 74% of the total.
© Dukascopy Bank SA
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Actual Topics

Wed, 22 Jan 2014 08:04:31 GMT

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