USD/JPY Analysis: Attempts to post gains
|“There is certainly a bit more bullishness in the yen over the last two weeks and we are seeing that continue.”
– Silicon Valley Bank (based on Business Recorder)
-
Pair’s Outlook
As was anticipated, the US Dollar weakened against the Japanese Yen for the seventh day in a row yesterday, but with losses slightly exceeding expectations. The given pair closed below the monthly S1, managing to retain its position above 111.00, where demand could now trigger a rebound. Technical indicators in the daily timeframe are unable to confirm this possibility, but the weekly ones are giving bullish signals. Although, technically, the Buck should now experience a bullish correction, we should not rule out the possibility of bears continuing to push the exchange rate lower, with the nearest significant support being only around 110.00. -
Traders’ sentiment
There are 69% of all open positions being long today (previously 64%), while 51% of all pending orders are to sell the US Dollar.
Interested in USDJPY technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.