USD/JPY trades near 114.00 after a dip

Note: This section contains information in English only.
Source: Dukascopy Bank SA
  • The Swiss traders are 57% bearish on the USD/JPY
  • Trader pending orders in the 100-pip range are 56% to buy
  • Next US data incoming on Wednesday

On Tuesday, the USD/JPY traded near the previous day's levels after touching a new low level at 113.60 mark. Meanwhile, note that the rate does not have a technical reason for the recent decline.

Latest Fundamental Event

Last week the Bureau of Labor Statistics released US PPI data that came out better than expected of 0.6%, compare to forecasted 0.2%.

"The Producer Price Index for final demand rose 0.6 percent in October, as prices for final demand services advanced 0.7 percent, and the index for final demand goods moved up 0.6 percent. Prices for final demand increased 2.9 percent for the 12 months ended in October.'' The U.S. Bureau of Labor Statistics reported on Friday.


US CPI will impact the USD/JPY



On Wednesday, there are two data releases that are set to be covered. Namely, at 09:30 GMT the UK CPI will be published. Afterwards, at 13:30 GMT the US CPI and Core CPI data sets will be released.

Thursday will be the last day with notable data releases. At 09:30 GMT the British will publish their retail sales data. Afterwards, at 13:30 GMT the US statisticians will publish their retail sector data.

For more in-depth analysis of this week's fundamental economic events watch the weekly Monday's Poking the Economic Calendar webinar, which is live each Monday at 12:00 both on Dukascopy telefision and YouTube.
Join the Webinar: Webinar Platform

USD/JPY short term analysis

In regards to the near-term future, most likely, the US Dollar might meet the weekly R1 at the 114.30 mark. Besides, today's US FOMC Member Brainard Speech at 15:00 GMT could support the rates movement upwards.

On the other side, the currency exchange pair might move sideways to stay at the 114.15 level during the trading session on Tuesday.

Hourly Chart


The daily chart reveals no additional information. In general, one needs to wait until the rate reveals a new medium scale pattern.

Daily chart


Short sentiment remains intact

Traders are 57% bearish on Tuesday. The bearish sentiment has been decreasing by one percent each day since Friday.

In the meantime, 58% of all orders were set to sell the USD/JPY. Previously, there were more pending orders to buy the pair.

Swiss short term retail traders are already shorting the USD/JPY and are even waiting to sell more under various trade conditions.

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