Fri, Jun 09, 2023 @ 01:48 GMT
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USD/JPY Dives On Risk-Aversion

‘There’s a lot of positive news now priced into the market, and I think we’ll probably see some profit-taking, so I think we’ll probably see the dollar weaken from here.’ – Douglas Borthwick, Chapadelaine Foreign Exchange (based on Reuters)

Pair’s Outlook

With the return of the risk-off sentiment, the US Dollar weakened against the Japanese Yen on Friday, managing to retain its position above the 114.00 handle. However, risk-aversion remains in the markets, thus, another leg down is anticipated. The nearest support rests circa 113.30, formed by the 20-day SMA, the weekly and the monthly PPs, which is to prevent the USD/JPY pair from edging lower today. Meanwhile, the pair appears to have formed a moderate ascending channel pattern, the upper border of which, along with the monthly R1, the 55-day SMA and the Bollinger band, represent immediate resistance circa 114.50.

Traders’ Sentiment

There are 59% of traders holding long positions today (previously 60%), whereas the share of buy orders remains unchanged at 56%.

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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