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    USD/JPY to increase Thursday's bullish momentum

    © Dukascopy Bank SA
    "There is a strong mood that investors are willing to sell when [the dollar] goes above ¥Y119."
    - Sumitomo Mitsui Banking Corp (based on Market Watch) 

    Pair's Outlook 
    The ten-month support at 118.50 was tested yesterday, forcing the USD/JPY to recover from harsh downside volatility. However, the pair remained relatively unchanged over the day, as the Philly Fed Manufacturing Index weighed on the US currency, curbing its rally. The same resistance that held the Greenback yesterday, namely the Bollinger band and the weekly S2, is expected to limit the gains today as well. The upper target lies at 119.20, but a breakout towards 119.70 is possible if the fundamentals positively surprise.  

    Traders' Sentiment
    Although not as strong as yesterday, but market sentiment remains bullish at 73% (previously 74%). The gap between the buy and the sell orders remains small, namely four percentage points.
    © Dukascopy Bank SA

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