© Dukascopy Bank SA
- BK Asset Management (based on Reuters)
Pair's Outlook
The US Dollar remained relatively unchanged against the Japanese Yen on Friday, although the ascending channel's support line was put to the test that day. Today the pair opened with a small bearish gap, also with risk-aversion kicking in, causing the Buck to erase most of last week's losses. However, technical studies keep emitting bullish signals, suggesting that the USD/JPY pair still has a chance to recover from intraday losses and preserve the channel pattern. On the other hand, if demand at 112.48, namely the weekly PP, fails to trigger a rebound, then the cluster circa 111.00 will be the main target.
Traders' Sentiment
There are 62% of traders with a negative outlook towards the Greenback today, compared to 70% on Friday. At the same time, the portion of buy orders edged slightly up, namely from 42 to 46%.
© Dukascopy Bank SA