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"Unfortunately, we fear that reform progress will remain glacial in coming years."
- Capital Economics (based on CNBC)
Pair's Outlook
USD/JPY has extended its correction to 117 level and shortly the pair will face the weekly S1 and monthly PP at 116.91/75 that could halt the decline. Although, its not set in stone that the pair will not fall further, if these support levels fail to do their job. The technical indicators are neutral in all time frames and that could suggest that correction is coming to an end and consolidation could follow.
Traders' Sentiment
The sentiment of the SWFX market participants remains neutral with respect to USD/JPY, as of today 52% of the market participants are long. Regarding the orders placed 100 pips from the spot, the concentration of buy orders remain in strong majority, namely 73%.
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