Dukascopy Bank Team
Dukascopy Bank SA
“The dollar may not be able to defend its number one spot if the economic outlook turns negative, handing its top safe-haven place to the yen.”
- State Street Global Markets (based on Reuters)
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Pair’s Outlook
The USD/JPY pair erased most of intraday gains yesterday, but still managed to close trade above the 101.00 major level. Once again having put the 20-day SMA to the test earlier today, the Greenback was unable to maintain trade above 101.50. This could be a sign of potential weakness, which technical studies are in favour of. The immediate support area, located around 100.80, is unlikely to limit the losses if bears take over today; instead, the 100.32 is the main target, as it kept the pair afloat for two weeks in a row now. Overall, another bullish development will not change the whole picture for the Dollar/Yen, as the bearish trend is to remain intact. -
Traders’ Sentiment
Bullish traders’ sentiment returned to its Wednesday’s level of 64%, whereas the portion of buy orders increased from 47 to 60%.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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