© Dukascopy Bank SA
"Still, the overall upside risks are intact with near-term pullbacks finding support at 117.05/00, before the 115.45/114.89 zone."
- JPMorgan (based on Reuters)
Pair's Outlook
USD/JPY is currently taking a break after a precipitous rally commenced in mid-October. And even though the one-and-a-half-month advance seems overstretched, the bulls do not let the Dollar to undergo a correction—the pair is currently well-supported by a combination of the weekly PP and monthly R2 at 117.30. Moreover, the technical indicators are pointing upwards, meaning the 2007 Oct high is soon to resign as a resistance level.
Traders' Sentiment
The SWFX market participants stay undecided with respect to USD/JPY's prospects—53% of traders expect the pair to move further north, and 47% of them reckon the Buck has climbed too far and must retreat.
© Dukascopy Bank SA