© Dukascopy Bank SA
- BBH (based on 4-traders)
Pair's Outlook
Even though the USD/JPY pair was able to climb over the weekly PP, the 104.00 level was still not overcome. The pair struggled to edge above the 104.00 through all of the week and, despite bullish technical indicators, Friday is unlikely to be different. Consequently, the Greenback is expected to weaken against the Japanese Yen again, completely ignoring the immediate support area. The 103.35 level is seen as the bottom floor, although no impetus that can push the exchange rate so low is present today. On the other hand, there is still room for a small rally towards around 104.20, as the pair has been consolidating between 103.33 and 104.22 for two weeks in a row now.
Traders' Sentiment
Today 60% of traders are long the Buck, compared to 61% yesterday. The portion of buy orders lost 2% points, having fallen to 60%.
© Dukascopy Bank SA