USD/JPY ignores risk-off sentiment

FX:USDJPY   U.S. Dollar/Japanese Yen
95 0 0
"At the heart of the yen's strength are falls in the yuan, which were perceived to be negative on the global economy. The yuan's fall also makes it less likely for the Fed to raise rates and nullify the existing reasons to bet against the yen."
- Bank of America Merrill Lynch (based on Reuters)

Pair's Outlook
On Monday the USD/JPY             currency pair managed to partially recover last Friday's losses, with trade closing at 117.31, just on top of the weekly PP. The pivot point is now providing immediate support, pushing the Greenback higher against the Yen, while the monthly S2 at 117.63 acts as the closest resistance. Although a slowdown in Chinese GDP failed to have an instant effect on the pair and strengthen the JPY, it did spark the risk aversion. As a result, the Buck could erase current gains and fall to 117.00, as technical indicators suggest with their bearish signals.

Traders' Sentiment
Bears keep outnumbering the bulls, as 69% of all open positions are short, whereas the number of sell orders inched up from 51 to 54%.
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