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    USD/JPY risks falling back to 104.00

    © Dukascopy Bank SA
    "If it breaks 100, Bank of Japan intervention is possible, but in order to intervene in the markets, you have to get agreement from the United States, and at this level -- 104, 105 -- I don't think the U.S. would agree."
     - Eisuke Sakakibara, former Finance Ministry (based on Market Watch) 


    Pair's Outlook 
    The US Dollar failed to rebound against the Japanese Yen last Friday, but remained above the 104.00 psychological level. Furthermore, the pair opened with a small bullish gap today, suggesting that a drop below that mark is doubtful, although technical indicators imply otherwise. The weekly PP, which acts as the immediate resistance, is likely to prevent the Buck from advancing, therefore, a drop back towards the 104.00 level is expected to take place. In case the bears manage to push the Greenback even lower, the next target will be the 103.40 level, where the monthly S2 coincides with the Bollinger band. 

    Traders' Sentiment 
    Nearly three quarters (74%) of traders hold long positions today (previously 72%). Meanwhile, the number of purchase orders increased from 52 to 61%.
    © Dukascopy Bank SA

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