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USD/JPY: further weakness expected

© Dukascopy Bank SA
"We are seeing U.S. yields higher, but at the same time yields elsewhere are also rising."
- Barclays (based on CNBC)

Pair's Outlook
USD/JPY experienced substantial volatility on Tuesday. The Buck stretched out towards 120.50 and 119.70, failing to reach the worst-case scenario low of 119.64. 55-day SMA provided sufficient support to stop the decline, as Buck settled at 119.93, crossing 120 barrier. US Dollar is expected to fall deeper today, with nearest significant support retaining location around 119.64. However, if US data surprises with strong figures, pair might erase this week's losses. 

Traders' Sentiment
Market sentiment worsened, as the portion of longs dropped from 67 to 57%. At the same time, the percentage of buy orders also decline, as only 52% of them are to acquire the Greenback.

© Dukascopy Bank SA


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