USD/JPY fails to decouple from 2013 highs

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The yen is being bought in a bid for safety. The worse-than-expected Chinese data probably helped stoke risk aversion. The yen continues to have an inverse relationship with stocks."
- Rakuten Securities (based on Bloomberg)

Pair's Outlook

Despite a plethora of signs in favour of USD/JPY's recovery, the currency pair seems to have already pared all of the yesterday's gains—it is rapidly moving back towards the support created by the monthly PP and the 2013 highs. Still, given the current conditions, the long-term outlook remains bullish and eventually the U.S. Dollar should be able to resume moving forward.

Traders' Sentiment

Just like the sentiment in EUR/USD, the distribution between the bulls and bears is fairly stable in USD/JPY as well. Presently 56% of traders reckon that the price of the greenback is going to drop. As for the orders, 75% of them are to purchase the buck against the Japanese Yen.
© Dukascopy Bank SA
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