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"If Abe wins by too much, it's possible that he'll focus too much on the things he really wants to do ... instead of the economy."
- Rakuten Securities (based on Reuters)
Pair's Outlook
The US Dollar has strengthened its positions above the 119 level and is nearing the psychological level at 120. Meanwhile, also the weekly R2 at 119.77 has been broken. Nevertheless, according to the technical indicators the pair is likely to face a period of consolidation, since a distinct majority of them are pointing sideways. We expect the pair to continuously challenge the 120 level and to build to its bullish momentum.
Traders' Sentiment
The sentiment of the SWFX market participants remains neutral with respect to USD/JPY, since only 51% of the market participants are long. Concerning the buy and sell commands placed, their numbers are almost identical at the moment.
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