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    USD/JPY to rebound after sharp slump

    © Dukascopy Bank SA
    "The yen's downside is probably limited, because nobody knows what will happen in China, and Japanese stocks are still fragile."
    - Global-info Co (based on Reuters)

    Pair's Outlook
    The USD/JPY sustained heavy losses on Wednesday, much more than anticipated. The Bollinger band was unable to prevent the pair from falling at 121.60, which cause the Greenback to decline even under the 121.00 major level. Due to this gradual plunge, a rebound is likely to take place today, despite technical studies retaining bearish signals. The 121.00 level should be retaken and perhaps even the 122.00 mark if the US fundamental provide a sufficient boost for the Buck.

    Traders' Sentiment
    SWFX traders' sentiment remains unchanged, with bulls taking up 74% of the market. Meanwhile, the number of purchase orders edged up three percentage points, up to 54%.

    © Dukascopy Bank SA

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