© Dukascopy Bank SA
USD/JPY changed hands in the morning on September 3, when the currency pair registered its most recent peak at 120.71 and came under heavy selling pressure afterwards. It led to a penetration of a triangle's lower boundary, which was therefore confirmed by bears. At the moment the pair is trading near the Sep 1 low at 119.20, while technical studies estimate the sell-off to continue both in short and long-term. In case of a failure the closest demand will be offered by the weekly S1 at 117.94 on Friday, which is followed by the Aug 24 minimum as low as 116.21. In the meantime, market participants retain their bullish views with respect to the US Dollar, as 69% of all trades are long.
© Dukascopy Bank SA