- SWFX market sentiment is once more bullish, namely 52% of open positions are long
- 56% of pending orders in the 100-pip are to BUY
- Swing Trading training webinar
On Thursday morning the US Dollar had gained new high levels against the Japanese Yen. Namely, the currency exchange rate managed to finally pass the resistance levels near the 110.40 mark and surge up to the next resistance cluster, which was located just below the 110.70 mark.
The Census Bureau released two data sets simultaneously, where Residential Building Permits for the month of April came out in line with a forecast of 1.35M, moreover, the same number was released in the previous period.
The US Dollar's slight weakening may be affected due to the lower-than-expected Housing Starts data of 1.29M, compared to the forecast of 1.32M.
Empty session filled with training
Thursday's economic calendar is very light. There are two insignificant data releases set to occur at 12:30 GMT, which are almost surely not going to cause a reaction in the financial markets. However, as Dukascopy analysts have the time, we have prepared another event for the day.
At 12:00 GMT Dukascopy Analysts are hosting a Swing Trading introduction webinar. During the webinar anyone can participate and learn, how to swing trade by using the information and widgets provided by Dukascopy. Moreover, the chat will be available for asking questions.
USD/JPY breaks strong resistance
The US Dollar maintained its movement sideways against the Yen for the second consecutive day on Wednesday. The pair failed to surpass the 110.40 mark mainly due to an important resistance level which has previously provided a strong barrier for the Greenback.On Thursday morning, the pair was supported by the 55-hour SMA. It is likely that this moving average pressures the rate higher towards the weekly R2 at 110.66. A breakout did occur at the time of this analysis, but it is still yet to be seen if this bullish momentum is maintained. A successful breakout should mean a test of the 111.00 mark or the weekly R3 at 111.30.
If looking at important support levels, the pair is likely to be hindered near 109.70, as the 100– and 200–hour SMAs are located nearby.
Hourly Chart
The daily charts shows a new ascending channel pattern, which we marked some time ago. Since then it has been guiding the rate higher and higher.
It could be observed by watching the channel that the rate, if manages to pass the resistance levels near the 110.70 mark, will surge next to the weekly R3 near the 110.30 mark.
Daily chart
SWFX traders are once more bullish on the USD/JPY pair, as 52% of open positions were long during the morning hours.
Trader set up orders are bullish with 58% of them being set to buy the Greenback.
The market sentiment of OANDA traders remains strongly bullish with 60% of them holding long positions. In addition, the number of long positions of Saxo bank traders is 56%.
Spreads (avg, pip) / Trading volume / Volatility