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USD/JPY on the verge of losing its grip

© Dukascopy Bank SA
"In an environment like this, the Fed would usually ease its policy. But so far the Fed hasn't said so, which is amplifying risk for markets."
- PineBridge Investments (based on CNBC)

Pair's Outlook
The US Dollar suffered heavy losses on Friday, not only breaking through the strong support cluster, but also breaking through the third one at 122.19 and under 122.00 major level. The support trend-line limited the losses over the weekend, but the Buck risks edging lower today, thus, breaking the uptrend. Although the Yen is trying to push the Greenback to its July's low, the bullish momentum could still be regained if the Buck receives enough reinforcements from Lockhart's speech today. 

Traders' Sentiment
Traders retain a positive outlook towards the USD/JPY, as 73% of them hold long positions (previously 75%). Meanwhile, the number of purchase orders remains unchanged at 67%.

© Dukascopy Bank SA


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