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    USD/JPY: market turmoil remains

    © Dukascopy Bank SA
    "Japanese individual investors don't look like they will be bullish on the dollar and bearish on the yen any time soon, as far as recent market moves go."
    - Gaitame.com Research Institute (based on Reuters)

    Pair's Outlook
    The USD/JPY settled in front of the immediate support cluster yesterday, managing to partially recover from the daily low of 114.20. Demand for safe-haven assets such as the Yen remains high, thus, we could expect a breach of the immediate support, with the second target to limit the losses being the monthly S2 at 113.88. Nevertheless, a hawkish tone of the Fed's governor today could provide sufficient impetus for the bulls to push the Greenback back over the 116.00 mark.

    Traders' Sentiment
    Almost three quarters (74%) of traders are now short the Buck, compared to 73% on Tuesday. Meanwhile, the portion of orders to acquire the US Dollar declined significantly, namely from 60 to 47%.

    © Dukascopy Bank SA

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