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Bulls and Bears are continuing their fight over USD/JPY’s next move.
- The pair has been testing key psychological resistance around 110 area whole week, with no luck so far.
- Dollar, which has been rising for six consecutive days continue to struggle against yen, as the safe haven remains well bid amid geopolitical tensions, trade war and slowdown in economic activity in China, Europe, and the UK.
- The yen is also receiving safe-haven bids as equities continue their slide in North America. The U.S. benchmark stock index, S&P500 is down for the second consecutive day. The index is trading at 2689, down 0.55 percent for the day, after declining almost a percent yesterday.
IG retail sentiment:
- The sentiment reports from IG Markets, which is a UK-based company providing trading in financial derivatives such as contracts for difference and financial spread betting, strongly suggest that traders remain broadly undecided over next move in the JPY against the USD.
- IG markets’ retail positions data provide a glimpse to retail traders’ positions, which are largely used as a contrarian indicator since retail positioning moves in the opposite direction to market movements.
- Retail positions are equally divided among bull and bear, suggesting neutral bias, heading into next week.
The pair is currently at 109.8 per USD.
