USD/JPY erodes monthly R1

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The main story today is broad-backed U.S. dollar strength, led by dollar/yen, with good demand out of Tokyo behind it."
- RBC Capital Markets (based on CNBC)

Pair's Outlook

Since Nov 7 the pair has been unsuccessful at overcoming the monthly R1. Every attempt of USD/JPY to rekindle the rally ended ahead of 99.36, today, however, may be marked with a breach of this strong resistance level, an event that will pave the way towards the September high. Such a scenario is also supported by the daily and monthly technical indicators.

Traders' Sentiment
Seeing that the currency pair has finally recommenced a recovery, many of the traders have been encouraged to bet on the surge of the exchange rate—the share of long positions has gone up by three percentage points since the previous report and the overall popularity of the Japanese Yen has decreased.
© Dukascopy Bank SA
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Actual Topics

Tue, 12 Nov 2013 07:39:05 GMT

USD/CHF respected 0.9204/.9186

Now that USD/CHF has confirmed the area at 0.9204/0.9186 (monthly R1 and 100-day SMA) as the new support, the U.S. Dollar is well-positioned to continue the advance from 0.8890 en route to the 200-day SMA at 0.9316.

Tue, 12 Nov 2013 07:38:53 GMT

GBP/USD is about to hit 1.5950

Even though at a slow pace, but the British Pound is nonetheless approaching the rising support line at 1.5950, which is highly unlikely to let the price fall unhampered.

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