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    USD/JPY suffers a minor setback

    © Dukascopy Bank SA
    "On the face of it (net selling of foreign bonds) a modest positive for the yen, but we need to see whether or not this continues in the month of April... Typically April sees new foreign investments."
    - Standard Chartered (based on CNBC)

    Pair's Outlook
    USD/JPY fell down yesterday, but not as hard as expected. Even though the Greenback tested the support cluster around 119.6, in the end it stabilised over the 120 level. The monthly PP prevented the pair from extending the losses; however, a risk of a further decline exists. The technical studies suggest a bearish bias, and the 120 barrier is likely to be breached today. Meanwhile, nearest significant support lies around 119.73.

    Traders' Sentiment
    Long positions retreated to their Tuesday's level of 70%, while the number of buy orders added one percentage point, and now they account for 62% of the market.

    © Dukascopy Bank SA

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