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"While we also believe that the Fed will lay the foundation for tightening, it would be remiss to not discuss the downside risks for the dollar."
- BK Asset Management (based on CNBC)
Pair's Outlook
The USD/JPY started off the week with a small 13-pip surge. Nevertheless, during the trading session the 123.80 resistance was reached, which forced the given pair to fall slightly back, minimizing the gains. Although the US Dollar advanced against the weaker Yen in the morning session, risks of the pair slumping still exist. A tough resistance cluster around 123.85 might still push the Greenback down, while technical studies emit mixed signals.
Traders' Sentiment
Slightly more traders hold long positions today, namely 56% of them (previously 55%). Meanwhile, sell orders managed to reclaim the majority of the market, but only with 52%.
© Dukascopy Bank SA