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    USD/JPY to regain momentum

    © Dukascopy Bank SA
    "The data hasn't been weak enough for long enough for expectations that a Fed hike is in the cards to change, so any dollar weakness is being bought into."
    - Chapdelaine Foreign Exchange (based on Reuters)

    Pair's Outlook
    On Wednesday, the US Dollar dropped versus the Yen for the fourth day. Even though the loss was not as substantial as anticipated, USD/JPY still tested the Bollinger band. In the end the Greenback settled at 119.13, just over the weekly S1. Meanwhile, the technical studies are still showing mixed signs, but a rebound is expected. Nearest resistance rests at 119.33, though a rally may well extend to the 20-day SMA at 119.64.

    Traders' Sentiment
    More traders are long the US Dollar today, namely 75% of them (previously 74%). The share of buy orders grew, and 55% of commands are now to acquire the Buck, compared to 41% yesterday.

    © Dukascopy Bank SA

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