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"The market is basically convinced that the Fed is not going to do anything until the consumer shows some strength."
- BK Asset Management (based on CNBC)
Pair's Outlook
On Wednesday, the US Dollar suffered heavy losses against the Yen. All three closest supports have been easily breached, as the pair nearly reached 119. The weekly S1 managed to prevent further plunge, stabilising the USD/JPY at 119.18. More weakness is expected today; the Greenback is likely to cross the 119 level and settled around 118.80. Meanwhile, technical indicators retain bullish signals, but proved to be unreliable in the past couple of days.
Traders' Sentiment
For the third consecutive day market sentiment remains unchanged, with 56% of all positions being long. The number of buy orders lost two percentage points, as they now take up 56% of the market.
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