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    USD/JPY retreats from monthly pivot

    © Dukascopy Bank SA
    "Right now the market's worry is the Fed showing concern about a strong dollar, and the data only compounded such fears."
    - Brown Brothers Harriman (based on Reuters)

    Pair's Outlook
    USD/JPY continues to negate its Monday's gains, and is likely to put pressure on support at 119 once again. Most of the daily technical indicators are pointing south, and resistance at 120 proved to be a tough one. Nevertheless, a base case scenario is that the price will remain above the 100-day SMA, and one of the next attacks launched at the monthly PP will succeed, paving the way towards the key level at 122.

    Traders' Sentiment
    The share of longs fell three percentage points, but is still well above the 10-day average (72% against 66.5%). However, the portion of the commands to purchase the US Dollar stayed exactly the same, namely at 60%.

    © Dukascopy Bank SA

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