Dukascopy

USD/JPY closes in on channel's resistance

FX:USDJPY   U.S. Dollar/Japanese Yen
37 0 1
"The higher dollar trend is becoming more evident against the yen. But the move broadly remains within an adjustment from the post-Fed bearishness."
- Jun Kato, Shinkin Asset Management (based on Bloomberg)

Pair's Outlook

The US Dollar             was able to outperform the Japanese Yen             on Thursday, with the 20-day SMA limiting the gains. The same level is acting as the closest resistance today, thus, might trigger a sell-off, erasing most of yesterday's gains. The nearest support rests at 112.11, represented by the weekly PP, but in case bulls manage to push the USD/JPY             currency pair over the 20-day SMA , then the current descending channel's upper border is likely to stop the rally. Moreover, this resistance trend-line is also reinforced by the weekly R1. Meanwhile, technical indicators are now giving mixed signals, unable to confirm either scenario.

Traders' Sentiment
Bullish traders' sentiment returned to its Tuesday's level of 73%, compared to 75% on Thursday. The share of orders to acquire the Buck almost doubled, having grown from 29 to 57%.
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