Dukascopy

USD/JPY takes another shot at edging higher

FX:USDJPY   U.S. Dollar/Japanese Yen
44 0 0
"The hawkish comments from Fed officials have helped, but participants adjusting their positions before the Easter weekend also appear to be supporting the dollar."
- Barclays (based on CNBC)

Pair's Outlook
The USD/JPY             pair was unable to sustain growth yesterday, resulting in the exchange rate remaining flat over the day. The Buck now risks making a U-turn and putting the immediate support, namely the weekly PP, to the test; with technical indicators still emitting bearish signals in all timeframes. On the other hand, strong fundamentals could not only cause the immediate resistance near 113.00 to be pierced, but even push the US Dollar             towards the descending channel's resistance line around 113.55, also reinforced by the weekly R1. Similarly, a much weaker figure might trigger a sell-off towards the lower border at 119.92.

Traders' Sentiment
Exactly three quarters (75%) of traders are now long the USD. However, the number of sell orders remains high, taking up 71% of the market.
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