Technical analysis : USD/JPY trades in murky waters

7 years ago - Published by Dukascopy in Expert opinion, Finance, Forex

Pair's Outlook 
The USD/JPY currency pair remained relatively unchanged on Tuesday, managing to retain its position above the 115.00 mark. From the technical point of view, the Buck is likely to strengthen against the Japanese Yen today, rebounding from the four-week up-trend and putting the immediate resistance area circa 116.30 to the test. On the other hand, with fundamental events being the main drivers today, the outcome can be less pleasant for the American Dollar. There are risks involved, which can cause the given pair drop even below 113.00, completely ignoring the two closest demand areas. 

Traders' Sentiment 
Even though bulls gained some numbers over the day, traders' sentiment remains bearish, now at 56%. At the same time, the share of orders to sell the Greenback returned to its Monday's level of 59%.