Dukascopy_Analyst

USD/JPY struggles to preserve the up-trend

FX:USDJPY   U.S. Dollar / Japanese Yen
71 0 3
"The safe haven appeal of the yen is likely to keep it in demand in the week ahead as global investor risk sentiment is likely to remain fragile."
- Bank of Tokyo-Mitsubishi UFJ (based on WBP Online)

Pair's Outlook
A strong reading of yesterday's US Import Prices helped the USD/JPY             pair to preserve the up-trend and stabilise at the highest level this week. The Buck, however, struggled to climb over the weekly PP             , which acted as the immediate resistance and limited the volatility . A breakout of the current trading range is expected, with the bearish trend prevailing. Nevertheless, the immediate support in face off the up-trend and the monthly S2 around 117.70 remains strong, which in turn could even cause a rebound and a breach of the weekly PP             at 118.30. Technical studies, on the other hand, retain bearish signs.

Traders' Sentiment
Today 62% of traders hold short positions, whereas sell orders outnumber the buy ones by only 2% points (previously 4% points).
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