USD underperforms relative to JPY

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"This upward revision implies slightly stronger momentum for services consumption heading into the fourth quarter, but is of little significance to our forecast for fourth-quarter GDP growth."
- JPMorgan in New York (based on Reuters)

Pair's Outlook

The US Dollar's weakness is spurring the Japanese Yen's recovery, as of now USD/JPY has approached the 118 level, meaning that it has lost almost 400 pips in the week. There is a relatively strong support level (monthly PP and weekly S2) at 116.75/56 that could potentially halt the current retreat and give the necessary bullish impetus for a rebound.  

Traders' Sentiment

The sentiment of the SWFX market participants remains neutral with respect to USD/JPY, as of today 51% of the market participants are long. Concerning the orders placed 100 pips from the spot, there are more commands to buy, namely 58%. 

© Dukascopy Bank SA

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