Dukascopy

USD/JPY awaits for fundamental data for guidance

FX:USDJPY   U.S. Dollar/Japanese Yen
13 0 0
"Any dollar/yen appreciation won't come at once, it will rise a step at a time. The next lift will likely come in the next quarter, when the second hike comes up on the agenda."
- FPG Securities (based on Reuters)

Pair's Outlook
A group of SMAs helped the US Dollar             extend its gains and retake the 122.00 major level, with volatility limited by the monthly PP and 20-day SMA circa 122.40. This group of levels keeps providing immediate resistance today, a breach of which is likely to lead to a surge up to 122.78, namely the weekly R1. Alternatively, the USD/JPY             currency pair risks erasing yesterday's gains if the fundamentals cause the pair the retreat towards the strong cluster of supports around 121.65. Technical studies, however, retain mixed signals, suggesting the immediate resistance might remain intact.

Traders' Sentiment
Market sentiment remains bearish at 51%, whereas the share of orders to sell the Greenback edged up 4% points up to 60%.
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