USD/JPY capped by 78.42

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The BOJ's inaction disappointed the market a little bit. There's some unwinding of yen selling"
- Bank of Tokyo- Mitsubishi UFJ Ltd. (based on Bloomberg)

Pair's Outlook

The upper limit of a bearish channel has rejected USD/JPY, forcing it to decline. The initial support the pair is supposed to confront is at 78.14/77.99, although bears may drag the price down to 77.49/26 or even 76.99 before bulls once again take control and start another up leg. In the long run we continue to expect the pair to surge above 79.65/80 and challenge higher resistances.

Traders' Sentiment
The Japanese Yen is still the least frequently acquired currency among its major counterparts (in 30% of cases). Accordingly, positioning of traders on USD/JPY is strongly bullish—71% of positions are long and 29% are short and thus supporting long-term outlook.

© Dukascopy Bank SA
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Actual Topics

Fri, 05 Oct 2012 08:18:51 GMT

USD/CHF eyes 0.9245/38

The downtrend resistance remained intact and initiated another dip for USD/CHF, bearishness of which is unlikely to disappear until at least 0.9245/38 is reached. Then the pair would by well-positioned to form a double bottom pattern that usually implies a reversal, which is deemed likely to occur. Technical indicators at the same time give mixed signals.

Fri, 05 Oct 2012 07:54:48 GMT

GBP/USD bounced off 1.6101/1.6085

A rebound from 1.6101/1.6085 was slightly stronger than anticipated, but is likely be curbed by 1.6190/1.6228. Even if the latter area does not withstand bullish pressure, 1.6279/1.6344 should come into play and negate current upward impetus and contain the rally. In the long run, the pair is still expected to aim for 1.5601/1.5568.

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