USD/JPY's downside risk increases

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The market is shifting to a risk-off stance on the back of stocks declines and weaker Chinese economic data. The yen is being bought in a bid for safety"
- JPMorgan Chase & Co. (based on Bloomberg)

Pair's Outlook

USD/JPY was unable to sustain a rally and has quickly returned to 78.06/77.98. Moreover, being that it has formed a descending triangle and is approaching an intersection of a trendline connecting lower highs and of a strong horizontal support, the currency pair is likely to break out of the pattern and then aim for an interim support at 77.71/63.

Traders' Sentiment
SWFX traders' sentiment remains extremely bullish towards USD/JPY, being that 73% of the market stays long on the pair and only 27% of it hold short positions. This is also supported by the fact that the Japanese Yen is the least popular currency among its major counterparts. However, the portion of buy orders is only 46% of the total amount.

© Dukascopy Bank SA
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Actual Topics

Wed, 01 Aug 2012 07:30:16 GMT

USD/CHF to stumble upon 0.9738

USD/CHF is retreating from 0.9809/16 further away and should soon encounter support at 0.9738, though the currency pair seems to gravitate towards an even lower level at 0.9701/0.9674, which in turn is expected to withstand bearish pressure. Additional supports lie at 0.9647 and 0.9532, but are likely to remain intact for now, since the pair preserves long-term bullish outlook.

Wed, 01 Aug 2012 07:02:06 GMT

GBP/USD received strong bearish impetus

Formidable resistance area at 1.5729/58 (composed of 100 and 200 day SMAs and an uptrend resistance) has repelled attack of the pair, sending it down to 1.5650. The latter level should soon give in and pave the way towards the following support at 1.5608/1.5574. In the medium-term GBP/USD is expected to fall even lower - towards 1.5472/50 (uptrend support).

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