Mon, May 29, 2023 @ 06:01 GMT
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USD/JPY Attempts To Break The Down-Trend

‘I think the Fed will get a green light [to raise rates] unless a very bad [U.S.] jobs data comes out next week.’ – Yukio Ishizuki, Daiwa Securities (based on Reuters)

Pair’s Outlook

Trump’s speech yesterday boosted the US Dollar, causing the USD/JPY currency pair to recover from its intraday low of 111.75. However, the Buck was unable to post solid gains against the Yen, thus, the down-trend remains preserved. Following yesterday’s events, the Greenback is likely to retain its strength and continue outperforming the Japanese currency. The closest resistance is located around 113.15, formed by the 20-day SMA, the bearish trend-line and the weekly R1, which should technically limit the gains. A breach of this area would open the door for a surge to the cluster circa 114.50, namely the upper border of the bears six-week consolidation trend.

Traders’ Sentiment

Today two thirds (66%) of all open positions are long, compared to 65% yesterday. The share of buy orders inched up from 48 to 55%

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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