USD/JPY approaches 116 yen

FX:USDJPY   U.S. Dollar/Japanese Yen
102 0 1
"The charts suggest the short dollar/yen trade is still the advantageous trend trade."
- IG             (based on CNBC)

Pair's Outlook

USD/JPY             violated a yet another monthly pivot , closing 110 pips lower yesterday. As a result, there are no more significant supports separating the pair and the 2015 low, which is expected to trigger a bullish reaction that may take us back to 117.50. In the meantime, if demand at 116 yen fails to stop the sell-off, the next potential reversal point is seen only at 101 yen, namely the 2014 low. And although these are speculations, the BoJ seems unwilling to let the national currency strengthen this much.

Traders' Sentiment

The bears remain in the lead with 68% of the SWFX market. As for the distribution between the buy and sell orders, 52% are to purchase and 48% are to sell the Buck against the Yen.
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