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"Given the way global stock markets have been, I think that [Fed's September rate hike] seems pretty unlikely."
- A trader for a Japanese bank (based on Reuters)
Pair's Outlook
The USD/JPY currency pair brought no surprises on Monday, as trade maintained within the borders of the 200-day SMA and monthly S1. Even though the Greenback remains supported by the 121.00 major level, now bolstered by the 200-day SMA and the monthly PP, technical studies still suggest the Buck is to experience more weakness today. A break through the given support is likely to cause a decline towards the 120.00 psychological level, reinforced by the weekly PP; however, the US Dollar might still rebound and surge towards 121.94, namely the previous week's high.
Traders' Sentiment
Only 46% of traders retain a positive outlook towards the USD/JPY, down from 62%. The share of buy orders declined from 53 to 33%.
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