Dukascopy

USD/JPY struggles to breach weekly PP

FX:USDJPY   U.S. Dollar/Japanese Yen
74 0 4
"The yen is basically expected to weaken on U.S.-Japanese yield differentials. But it will be exposed to volatility until U.S. economic growth looks assured, and we could see even wider swings in case of a warm winter."
- SMBC Nikko Securities (based on Reuters)

Pair's Outlook
The Greenback managed to outperform the JPY yesterday, due to the boost provided by the strong US fundamentals. However, still being under relatively high pressure, the USD/JPY             barely recovered from intraday losses and climbed only five pips higher, unable to touch the immediate resistance. This resistance in face of the weekly PP is likely to prevent the pair from advancing today as well. Technical studies are bolstering this possibility, but the nearest support lies out of reach circa 119.60, now reinforced by the up-trend. Nonetheless, trade is expected to close around 120.10.

Traders' Sentiment
Now 41% of all positions are long and the remaining 59% - short, while the share of buy orders barely changed: slid from 62 to 61%.
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