© Dukascopy Bank SA
- Gaitame.com Research Institute Ltd. (based on Bloomberg)
Pair's Outlook
Having opened with a bullish gap today, the USD/JPY currency pair is now likely to be subject to weakness. The weekly PP, which is the nearest support, will doubtfully manage to keep the pair elevated if the bearish momentum prevails. The next target would then be the weekly S1 at 99.36, unless the 100.00 psychological mark succeeds in providing support before such a sharp drop. Potentially, the Buck could fall even slightly below the 99.00 level, as a solid support is located only around that area. Meanwhile, technical indicators support the possibility of the negative for the US Dollar outcome, as they retain bearish signals.
Traders' Sentiment
Market sentiment barely changed over the weekend, as now 65% of traders hold long positions (previously 64%). At the same time, the share of purchase orders increased from 38 to 55%.
© Dukascopy Bank SA