© Dukascopy Bank SA
- Nomura Securities in Tokyo (based on Market Watch)
Pair's Outlook
The Buck failed to post gains on Monday, but still managed to preserve the ascending channel pattern, as the immediate support area, namely the monthly R3 and the channel's lower border, remained intact. Technical studies remain in favour of the positive outcome, implying that the US Dollar is to outperform the Yen again today. The pair has been appreciating for a couple of days and experiencing a small decline once in a while, which is believed to be what happened yesterday. Consequently, the pair has the potential to reach the 112.20 level today, formed by the Bollinger band and the weekly R1.
Traders' Sentiment
There are 67% of all open positions are short today, compared to 53% on Monday. At the same time, 57% of all pending orders are to sell the Greenback, five percentage points more than yesterday.
© Dukascopy Bank SA