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"For the dollar, one could argue, that there may still be some scope for further weakness as the market moves fully away from a September rate increase."
- Bank of Tokyo-Mitsubishi (based on WBP Online)
Pair's Outlook
The USD/JPY currency pair behaved in accordance with the forecast, as it surged and stabilised at the 200-day SMA at 121.03. However, the tide might turn today, with the resistance cluster around 121.15 being too strong of an obstacle, unless good fundamental figures trigger a rally. A failure to pierce the resistance is likely to cause the Greenback to retreat to the 120.00 psychological level and perhaps even towards the tough cluster around 119.00, namely the Bollinger band, weekly and monthly S2s. Meanwhile, technical indicators retain bearish signals, suggesting the given pair is to plunge today.
Traders' Sentiment
Now 59% of traders hold long positions, up from 55%. At the same time, the portion of buy orders inched up from 63 to 65%.
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