© Dukascopy Bank SA
"But the dollar's recent strength, which is very much a political factor as well, may also get a mention and hurt dollar longs. It is a factor that participants will be keeping at the back of their minds."
- IG Securities (based on Reuters)
Pair's Outlook
Even though the US Dollar edged down against the Japanese Yen yesterday, the losses were insignificant. USD/JPY tested the monthly R1, but remained at the level of the open price. On Tuesday, the USD/JPY pair is expected to rise, and the technical indicators are bolstering this outcome. If the US data does not surprise to the downside, the Greenback might go as far as the 2014 high today.
Traders' Sentiment
Liquidity consumer confidence improved over the day, as 60% of market participants are long the Buck. At the same time, the portion of commands to acquire the US Dollar rose up to 77%.
© Dukascopy Bank SA