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    USD/JPY sets eye on the up-trend

    © Dukascopy Bank SA
    "Market expectations for BOJ easing by year-end have already almost disappeared, and the impact of a likely decision of no policy change in December on USD/JPY would be limited."
    - Nomura (based on FXStreet)

    Pair's Outlook
    The US currency managed to outperform the Japanese Yen at the end of last week, after edging closer to the weekly low of 122.25. However, the immediate resistance pushed the USD/JPY back, resulting only in a 15-pip gains. Although the Greenback was unable to retake the up-trend, it still refuses to leave the line behind. The weekly PP and the 20-day SMA are holding the pair afloat around 122.70, while the immediate resistance, now represented by the weekly R1 at 123.22, could allow the Buck to return above the 123.00. Technical studies are supporting the bullish outcome.

    Traders' Sentiment
    There are still 74% of traders being short the US Dollar, while the portion of orders to acquire the Buck edged higher from 63 to 68%.

    © Dukascopy Bank SA

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