USD/JPY is being pulled towards 92.93/50

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
"In light of the G20 statement to avoid competitive devaluation, it will be difficult to talk down the yen specifically. The onus now is on policy to do the work."
- Bank of Singapore (based on Reuters)

Pair's Outlook

After the first two days of the week without any activity USD/JPY has revealed its propensity to decline. This tendency is estimated to end near the bullish trend-line, namely at 92.93/50, which is also reinforced by the 20-day SMA and a weekly S1. Probability of a deeper move is low, buy may entail a considerable drop if it materialises, bearing in mind that there are no additional formidable support levels nearby.

Traders' Sentiment
An overwhelming majority of market participants (72%) are still long on USD/JPY, anticipating resumption of an up-trend, whereas merely 28% of them have positioned themselves against the trend. Meanwhile, preponderance of buy orders over the sell ones is also evident, as the former constitute 72% of the total number.
© Dukascopy Bank SA
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Actual Topics

Wed, 20 Feb 2013 08:11:36 GMT

USD/CHF penetrates 0.9208/0.9198

USD/CHF is currently experiencing a serious sell-off, despite the fact that there was some distance until the down-trend line at 0.9304/0.8284, a key resistance, around which it was expected to commence focusing on lower levels.

Wed, 20 Feb 2013 08:11:27 GMT

GBP/USD steps lower

Yesterday's dip was unable to violate a falling trend-line at 1.5428, as bulls managed to delay formation of a down leg by initiating a shallow rally this morning.

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