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    USD/JPY suffers a setback

    © Dukascopy Bank SA
    "If cheap oil is not to blame for the absence of inflation, the BOJ will be expected to demonstrate its commitment to generating inflation by easing again."
    - DLRI (based on CNBC)

    Pair's Outlook
    Yesterday, US Dollar confirmed the forecast, as it appreciated against the Yen for the second day. There were no surprises, only that USD/JPY pair tested the 119.85 resistance, before settling at 119.65. Nonetheless, the Greenback is likely to weaken today, as Existing Home Sales pressured Buck in last five months. Meanwhile, technical studies are also suggesting a decline. Immediate support rests at 119.41; however, we should not rule out a possibility of a hike towards 120.11 in case US fundamentals exceed expectations.

    Traders' Sentiment
    Long positions lost one more percentage point for the fifth time in a row, now accounting for 71%. At the same time, the share of buy orders dropped from 64 to 61%.

    © Dukascopy Bank SA

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