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    USD/JPY poised to begin recovery

    © Dukascopy Bank SA
    "The minutes were viewed as mirroring the dovish tone to the September 17 Fed statement rather than the more hawkish message delivered by a number of Fed speakers in the aftermath of the meeting."
    - Barclays (based on Business Recorder)

    Pair's Outlook
    The USD/JPY remained relatively unchanged on Thursday, having lost only eight pips. The immediate support cluster kept the US Dollar afloat and is likely to cause a rebound from the Buck's three-day slump. As a result, the Greenback should return above the 120.00 major level, around which it orbited for a whole month. The upper boarder of the given pair's trading range lies at 120.63, and is unlikely to be reached or pierced today, as the 20-day SMA at 120.13 should slow down the bullish momentum. 

    Traders' Sentiment
    Bullish market sentiment returned to its Tuesday's level of 70%. At the same time, the portion of orders to acquire the US currency added six percentage points, now accounting for 61% of the market.

    © Dukascopy Bank SA

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