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USD/JPY attempts to regain the bullish momentum

© Dukascopy Bank SA
"Pressure to unwind dollar long positions is mounting and focus is on how long this trend will continue. 'China risk' has dampened hopes for a September rate hike and upcoming data could further chip away at expectations for a Fed tightening."
- IG Securities (based on CNBC)

Pair's Outlook
The US Dollar sustained heavy losses on Wednesday, even reaching the previous week's low of 123.80. As a result, this week's gains were completely negated, as the Buck settled at 124.30. Technical indicators shifted to the bullish side today, suggesting the USD/JPY is to rebound. Strong fundamental data could push the Greenback well above the weekly pivot point at 124.40 and maybe even towards the resistance cluster at 125.00. Nonetheless, the US currency remains vulnerable to another decline if the fundamentals disappoint later today.

Traders' Sentiment
SWFX traders' sentiment improved, as 74% of all positions are now long. Meanwhile, the share of buy orders edged up from 54 to 56%.

© Dukascopy Bank SA


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