USD/JPY attempts to begin recovery

FX:USDJPY   U.S. Dollar/Japanese Yen
48 0 2
"At 113, the BoJ has leeway to wait but at 110-111 with the risk of further losses, they may not be able to forestall easing for much longer."
- Kathy Lien, BK             Asset Management (based on CNBC)

Pair's Outlook

The USD/JPY             currency pair slumped for the fourth consecutive day yesterday, retaining its post-Fed weakness. The 112.00 psychological level failed to hold the losses, but the weekly S2 at 111.28 succeeded. This support could keep the US Dollar             afloat today, but technical indicators retain mixed signals, suggesting that either outcome is possible. Technically, we should see a rebound, as a drop below 111.00 might cause the BoJ to intervene. The Bollinger band just above the opening price is the only obstacle on the pair's path towards retaking the 112.00 level.

Traders' Sentiment

Although not as strong as yesterday, but market sentiment remains bullish at 71% (previously 74%). At the same time, the portion of purchase orders dropped dramatically, namely from 64 to 35%.
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