USD/JPY to test 102.22/04

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The data is consistent with what we all know already, which is that the country [Japan] has been very resilient."
- BK Asset Management (based on Reuters)


Pair's Outlook

USD/JPY is currently retreating after breaking out of the triangle to the upside. The first significant support is at 102.22/04 (a cluster of several simple moving averages), but the bearish correction may take the U.S. Dollar lower, down to the major rising trend-line at 101.86, before the bulls once again take control of the market and set the course towards one of the main resistance levels at 104 (April high and monthly R2).

Traders' Sentiment

The SWFX marketplace participants remain distinctively net long on USD/JPY—70% of traders plan to profit from the buck's appreciation relative to the Japanese Yen, while 30% expect a completely different scenario.
© Dukascopy Bank SA

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