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USD/JPY risks breaching up-trend again

© Dukascopy Bank SA
"Given the (GPIF's) big exposure to the currency market, the story implies that a further weakness of the yen is hard to expect."
- A senior Japanese bank dealer (based on Market Watch)

Pair's Outlook
There were no surprises in the USD/JPY's performance, with the pair appreciating and returning above the up-trend. Even though the US Dollar weakened against the Yen in the early hours and is now continuously testing the immediate support cluster, from a technical point of view the US Dollar should extend its recovery today. The up-trend is also bolstered by the major level of 123.00, the 20-day SMA and the weekly PP, while technical indicators are giving bullish signals. The weekly R1, however, could provide sufficient supply and prevent the pair from edging up if fundamental data disappoints.

Traders' Sentiment
Today 72% of traders are holding short positions (74% previously), while the share of orders to buy the Buck dropped from 68 to 67%.

© Dukascopy Bank SA

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