- SWFX market sentiment is 58% bearish
- 53% of pending orders in the 100-pip range are to BUY
- US Advance GDP
The USD/JPY currency exchange rate was stranded between SMAs during the morning hours of Friday's session.
The Energy Information Administration released the US Crude Stocks data that came out lower-than-expected of negative 6.1M, compare to forecasted negative 2.6M.
Olivier Jakob a Founder, Managing Director and Editor at Petromatrix said: "The passage is not as crucial as the Strait of Hormuz ... but restricted flows through it would have an impact not just for crude but also for products due to the longer voyage time that is needed to sail by the Cape".
US Advance GDP
The main fundamental event today is the US Advance GDP at 12:30 GMT. This data release will be covered by Dukascopy research team at bank live webinar.
USD/JPY continue depreciating in the descending channel
USD/JPY's decline on Wednesday was stopped at 110.60 when the rate reversed to the upside and breached the 200-period (4H) SMA. Thus, the bottom boundary of the senior channel was adjusted to include this latest development.The Greenback later breached the 55– and 100-hour SMAs for a brief period of time, but failed to accelerate and thus remained fluctuating there until Friday morning.
Technical indicators are bullish in this session. It means that the rate could be supported by the breached 200-period SMA, thus being able to reach for the 200-hour and 100-period SMAs and the weekly PP circa 112.00. This area is regarded as today's highest point if no fundamentals disrupt this assumption.
In case 111.00 are breached to the downside, the US Dollar should not fall below 110.50.
Hourly Chart
The declined for the USD/JPY currency pair was temporarily stopped by the lower boundary of a dominant ascending channel.
Daily chart
SWFX traders are SHORT on the USD/JPY pair, as 58% of open positions were bearish during the morning hours. Moreover, traders set up orders are still bullish, as 53% of trader set up orders are to BUY the US Dollar against the Japanese Yen.
Meanwhile, the market sentiments of OANDA traders are bullish on the USD/JPY pair as 56% of open positions are long. In addition, Saxo bank traders are 55% bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility