Dukascopy_Analyst

USD/JPY struggles to preserve the channel

FX:USDJPY   U.S. Dollar/Japanese Yen
30 0 2
"It's quite difficult for the Japanese government to resort to measures directly aiming at reversing yen strength, like FX interventions or BOJ's additional easing, what the Japanese government can do at present is just to proceed with the organization of the fiscal stimulus package."
- Citigroup             Securities (based on Reuters)


Pair's Outlook
Risk aversion caused the USD/JPY             currency pair to experience a decline on Tuesday, with the pair edging lower towards the descending channel's support line. Although the channel lower border should trigger a rebound, risks of the pattern being broken are also high. Technical studies support the negative outlook with their bearish signals, while a catalyst for the movement in either direction is required, which today's FOMC meeting should provide. A fall towards 109.00 major level is expected if bears take over the market, but if bulls prevail, the US Dollar             might even climb back over the 111.00 mark.

Traders' Sentiment
Traders' sentiment remains bullish , taking up 73% of the market, compared to 70% on Tuesday. Meanwhile, the share of sell orders returned to its Monday's level of 62% (previously 63%).
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