Daily Forex Technicals |
Written by Dukascopy Swiss FX Group |
Nov 07 16 10:08 GMT
‘The dollar is being bought back on lessened prospects of a Trump presidency. But so far it is not active buying, as Clinton is likely to maintain a policy that prevents a strong dollar if she is elected, and as economic prospects remain unclear.’ – Mizuho Securities (based on Reuters)
Pair’s Outlook
The USD/JPY currency pair inched higher on Friday, despite a poor reading of the US NFP, thus, retaking the 103.00 level. Moreover, today the pair opened with a significant bullish gap, amid Clinton leading in the US presidential elections once again. The Greenback is now supported by a strong cluster, represented by the 20-day SMA, the monthly and the weekly PPs around 103.85, which is to prevent the Buck from sliding back down. Consequently, with another rally today the US currency will be close no negating all last week’s losses, with the weekly R1 at 104.71 being the main obstacle. Technical studies are unable to confirm the outlook, as they retain mixed signals.
Traders’ Sentiment
Although not as strong as on Friday, but market sentiment remains bullish at 62%. The share of buy orders remains unchanged at 56%.
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Legal disclaimer and risk disclosure
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.
USD/JPY Continues To Edge Higher
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