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    USD/JPY poised for more weakness

    © Dukascopy Bank SA
    "A June U.S. rate hike is now out of the question and the focus is whether the Fed provides any hints of a July hike. There are no major U.S. indicators until the Fed's policy meeting next week, and the dollar is likely to remain bearish until then." 
    - IG Securities (based on Reuters)


    Pair's Outlook 
    The USD/JPY pair was rather subdued on Tuesday, as it experienced only a slight downside reaction over the day, without reaching any significant technical level. However, a stronger-than-expected Japanese GDP figure earlier today boosted the Yen, causing the pair to drop below the 107.00 mark. The support cluster around this area, represented by the Bollinger band, the monthly S1 and the 38.20% Fibonacci retracement is unlikely to let the exchange rate to keep falling. A full recovery from its intraday low would not be a surprise, however, technical indicators turned from bullish to mixed, meaning that the bearish outcome is more probable.

    Traders' Sentiment 
    Today 73% of all open positions are long (previously 72%), while the sell orders are outnumbering the buy ones by only two percentage points.
    © Dukascopy Bank SA

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