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    USD/JPY awaits Consumer Confidence

    © Dukascopy Bank SA
    "But if the Fed should downplay recent U.S. weakness and keep a rate hike on the table, the dollar would have a better base on which to strengthen."
    - Western Union Business Solutions (based on CNBC)

    Pair's Outlook
    On Monday, the USD/JPY pair surged according to expectations. Even though the US Dollar managed to go over 119.40, it closed at 119.12, just two pips higher than the forecast. The Greenback edged closer to a group of resistances, which might turn the tide for the given currency pair. Technical indicators are showing bearish signs, bolstering the negative outcome. A fall beyond 119 is the likely outcome; however, a surprising hike in the US fundamentals might trigger further rally towards 119.50.

    Traders' Sentiment
    Market sentiment remained unchanged, with 72% of traders still being long the Buck. The portion of purchase orders added five percentage points and now account for 58% of the market.

    © Dukascopy Bank SA

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