USD/JPY soars to 103

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The signs are there that a stronger U.S. dollar trend is emerging. The combination of the upside surprise in GDP and a Fed that admits that the economy is looking healthier provides a useful source of fuel for the U.S. dollar near term."
- Westpac Banking (based on Bloomberg)

Pair's Outlook

Though the last few months there were serious doubts regarding USD/JPY's ability to break this year's down-trend, right now the currency pair is already trading 100 pips above it. Accordingly, we may now look at the 2012 Q2 high just above 104 as a potential target before 105.44. But there is a high chance of the price behaving bearishly in the near term. The possible retracement should be stopped either at 102.54/32 or at 101.93/78.

Traders' Sentiment

Despite the U.S. Dollar becoming more expensive, traders do not seem to be discouraged to open even more long positions—their percentage went from 67% up to 72%. However, concerning the orders, the portion of buy ones dropped from 63% to 47%.
© Dukascopy Bank SA

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