USD/JPY to preserve the up-trend

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"There's no change in the market's perception that the Fed will raise rates in December. And the biggest question for the market is the pace of the Fed's rate hike next year, but the political development is raising uncertainty. The markets would be reluctant to do much ahead of the U.S. elections." 
- Societe Generale (based on Reuters) 

Pair's Outlook 
In spite of a strong US GDP reading on Friday, the American Dollar still weakened against the Japanese Yen, putting the five-week up-trend to the test. Today the USD/JPY currency pair opened with a small bearish gap, but the bullish momentum is expected to prevail, pushing the exchange rate back above the trend-line. Technical indicators are also in favour of the positive outcome, as their signals changed from mixed to bullish over the weekend. However, the 105.00 level is expected to be the ceiling today, with the Bollinger band providing resistance slightly higher at 105.11.  

Traders' Sentiment 
Traders' sentiment is even more bearish than on Friday, being that 55% of all open positions are currently short (previously 52%). Meanwhile, the number of buy orders slid from 55 to 54%.
© Dukascopy Bank SA
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Mon, 31 Oct 2016 07:58:28 GMT

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Mon, 31 Oct 2016 07:58:06 GMT

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