USDJPY Analysis: Under the risk of falling under 100.00

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)

Pair's Outlook
The Greenback struggled on Tuesday, barely managing to post any gains against the Japanese Yen. As a result, the nearest upper and lower borders remain unchanged, with the 50% Fibo and the monthly S1 forming a cluster around 100.80, while the weekly S1 and the Bollinger band represent support just under 100.00. According to technical indicators, however, risks are skewed to the downside, which implies the pair's fall back to post-Brexit lows. In either way the USD/JPY pair remains in a bearish trend, thus, a rally is likely to be short-lived, with the 102.00 mark being the ultimate resistance.
Traders' Sentiment
Today 64% of traders are still long the US Dollar, unchanged since yesterday. As for the purchase orders, their share increased from 61 to 65% over the past 24 hours.

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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