USD/JPY steps even lower

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The biggest focus of the market as we head into year-end will be the fiscal cliff. referring to the $607 billion in tax increases and spending cuts set to be implemented in 2013 unless Congress acts. "Investors are buying safe currencies such as the Dollar and the Yen"
- Mitsubishi UFJ Ltd. (based on Bloomberg)

Pair's Outlook
A daily graph shows, that yesterday's candle closed indicating a negative performance, but more important is that the closing point was exactly at the 80.00 level. Accordingly, if today USD/JPY closes below this level, we could say that the price has settled beneath it and is ready to test new support levels. That would be 79.63, the weekly S1, and 79.34, the monthly PP.

Traders' Sentiment
Bullish traders in SWFX market were able to strengthen their dominance, as the share of long positions increased from 70% to 75% since yesterday. Pending orders segment holds its extremely bullish sentiments about a further price movement, as 85% orders are for buy and only 15% for sell.

© Dukascopy Bank SA
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Thu, 08 Nov 2012 08:57:39 GMT

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