Dukascopy

USD/JPY retreats on risk aversion

FX:USDJPY   U.S. Dollar/Japanese Yen
59 0 0
"We don't see any fresh trading cues to support dollar buying."
- FX Prime (based on Market Watch)

Pair's Outlook
Although the better-than-expected US GDP caused the Greenback to appreciate against the Japanese Yen             on Friday, these gains are under the risk of being erased today. The Yen strengthened today, as a slump in Chinese stocks triggered a return of risk-off sentiment. The pair, however, is supported by the monthly S2 and the weekly PP around 113.45, but losses could even extend towards the 112.00 level, where the weekly S1 coincides with the monthly S3. Technical indicators are bolstering the possibility of this negative outcome, whereas positive fundamentals could still spark a buying spree and stimulate a rebound.

Traders' Sentiment
Market sentiment remains bullish , but now at 70% (previously 73%). Meanwhile, the share of orders to purchase the US currency increased substantially, namely from 51 to 65%.
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