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    USD/JPY remains on the back foot

    © 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." 
    - Eisuke Sakakibara, former Finance Ministry official (based on Market Watch) 


    Pair's Outlook 
    Yesterday the weekly pivot point prevented the US Dollar from outperforming the Japanese Yen, but the 104.00 was not reached. The weekly PP is expected to keep the USD/JPY pair at bay, but this time the 104.00 level might fail to keep the Greenback elevated. The closest support is located at 103.34, represented by the monthly S2, while the overall bottom target lies around 102.40, formed by the broadening falling wedge's support line and the Bollinger band. Meanwhile, technical indicators in all timeframes suggest the given pair is to sustain a loss, bolstering the outlook. 

    Traders' Sentiment 
    Bulls remain strong, taking up 72% of the market today, compared to 71% on Wednesday. At the same time, there are 65% of all pending orders to acquire the US Dollar today.
    © Dukascopy Bank SA

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