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"The Fed looks to be far more Dow-dependent than it is data-dependent. Delivering, say, two rate rises when the market is priced for one is only going to occur if it can be done in a way that isn't going to be upsetting for global risk sentiment."
- National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
The US Dollar remained relatively unchanged against the Japanese Yen on Thursday, amid mixed fundamental data. Today the Greenback is pressured by the monthly PP and the 20-day SMA just above the opening price, while the weekly PP is providing immediate support at 112.53. In case the resistance cluster is breached, gains are then likely to be limited by the descending channel's upper border at 113.23. On the other hand, if bears push the USD/JPY currency pair lower, the second target will be the cluster around 111.55. The bearish scenario is more probable, as technical studies are in favour of this outcome.
Traders' Sentiment
There are now 73% of traders holding long positions, compared to 70% on Thursday. Meanwhile, the portion of orders to sell the Buck edged nine percentage points lower, now taking up 64% of the market.
© Dukascopy Bank SA