USDJPY Analysis: Still hovers over 111.00

Dukascopy Bank Team Dukascopy Bank SA

"We don't expect any dollar downside risks on the back of any disappointments with respect to Trump."

– Credit Agricole (based on Business Recorder)

Pair's Outlook
Thursday ended with the US Dollar outperforming the Yen, therefore, leaving the 111.00 handle intact. The situation barely changed from yesterday, meaning that the USD/JPY pair still has sufficient room for another leg up, as the nearest resistance rests only circa 112.10. At the same time, the weekly R3 is unable to provide strong support, with the nearest significant demand area being only around 110.15. According to technical indicators, the exchange rate is unlikely to change significantly today.
Traders' Sentiment
Bulls are now barely outnumbering the bears, as 51% of all open positions are long, compared to 55% previously. The number of orders to buy the Greenback returned to its Wednesday's level. The purchase orders now take up 57% of the market (yesterday 53%).

Interested in USD/JPY technicals? Check out the key levels

1. R3 112.17
2. R2 111.89
3. R1 111.57
PP 111.29
1. S1 110.98
2. S2 110.70
3. S3 110.38

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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