Dukascopy_Analyst

USD/JPY consolidates around 114.50

FX:USDJPY   U.S. Dollar/Japanese Yen
43 0 0
"The JPY was the victim of improved risk sentiment, its ‘safe haven' appeal fading."
- BNZ (based on WBP Online)

Pair's Outlook
With demand for less riskier assets, namely the Yen, lower, the US Dollar             was able to post significant gains against it on Monday. Daily and weekly technical studies keep insisting that the given pair is likely to resume its bearish momentum rather sooner than later. The monthly S2 and the weekly PP form the nearest support cluster just under 114.00, but if bears manage to push the USD/JPY             lower, this level will doubtfully hold. At the same time, the closest area to stop USD-buying is located above the 117.00 major level, more than 200-pips away from the spot price.

Traders' Sentiment

Although more traders (64%) have a positive outlook towards the Buck (previously 48%), the share of buy orders slid from 59 to 51%.
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