USD/JPY takes another shot at piercing weekly PP

FX:USDJPY   U.S. Dollar/Japanese Yen
14 0 0
"The drumbeat for a December start to policy normalization is growing louder, and the minutes of the October FOMC meeting suggest that the necessary conditions would be met for them to deliver on the expectation for a liftoff in rates at the next meeting."
- TD             Securities (based on WBP Online)

Pair's Outlook
Poor US fundamentals caused the Greenback to erase all intraday gains and ultimately remain unchanged against the Japanese Yen             yesterday. As a result, the USD/JPY             opened trade just under the immediate resistance, namely the weekly PP, which might prevent the pair from advancing for another day. Losses, however, should be limited around 122.40, as the up-trend and the 20-day SMA there are providing support. Even though technical indicators retain mixed signals, the USD has a solid chance of breaching the immediate resistance and touching the cluster around 123.50.

Traders' Sentiment
Market sentiment barely changed over the day, as 70% of positions remain short and 52% of all orders are to buy the US currency.
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