USD/JPY to aim for 120.50 yen above monthly S1

FX:USDJPY   U.S. Dollar/Japanese Yen
54 0 0
"Overall, the statement reflects the caution that one would expect a central bank to use in the current volatile environment. But the Fed hasn't deviated from its previous message, with future moves in rates remaining in the hands of the incoming data."
- ANZ (based on CNBC)

Pair's Outlook

At the moment, USD/JPY             appears to be on its way back to the major support trend-line the pair has recently (Jan 4) breached. The price exited the bearish channel (Nov 29-Jan 20) to the upside, meaning we are likely to see the latest rally developing until it hits the level of 120.50 yen. There supply is implied by a number of studies, including the mentioned broken trend-line and 55- and 100-day SMAs, which is sufficient to initiate a strong and prolonged sell-off.

Traders' Sentiment
Yesterday's FOMC statement did not have any effect on the sentiment in the SWFX market whatsoever. Just as 24 hours ago, 72% of open positions are short. Although the portion of buy orders increased, but insignificantly—from 58 to 61%.
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