Dukascopy - Analytics

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    USD/JPY anchored around 120, Fed rate hike in sight

    © Dukascopy Bank SA
    "Downside risks to USD/JPY should be limited thanks to expectations for easing."
    - Nomura (based on FXStreet)

    Pair's Outlook
    The USD/JPY dropped to the support cluster at 119.80 yesterday, which caused the pair to retreat back above the 120.00 major level. Nevertheless, the Buck is likely to fall even deeper today, amid rising concerns of the Fed's rate hike delay. A dovish tone might push the Greenback all the way down to the 118.50 mark, as that area kept the US Dollar from edging lower for more than seven months. Contrariwise, any reassurance of a 2015 rate hike should boost the Buck, helping it elevate to 121.00.

    Traders' Sentiment
    Market sentiment remains bullish, with 72% of all positions being long, down from 73% yesterday. The portion of purchase orders dropped down as well, now taking up 55% of the market.

    © Dukascopy Bank SA

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