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"No doubt low U.S. interest rates have supported growth in emerging economies... but keeping rates below 1 percent for such a long period of time is abnormal."
- Taro Aso, Japanese Finance Minister (based on CNBC)
Pair's Outlook
USD/JPY has fallen from the upper trend-line of the triangle the currency pair has been forming since the last days of August. Support is at 119.60, and a base scenario is a rebound from here up to 120.30. However, the overall bias is negative, and we should be prepared for a breakout from the pattern to the downside. This will confirm Dollar's intentions to visit a supposedly tough support level at 118.50.
Traders' Sentiment
A majority of people is willing to hold long positions. Right now they constitute 61% of the market after 58% yesterday. Apparently, this was a result of triggered buy orders, the share of which has contracted from 70 to 58% within the last 24 hours.
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