© Dukascopy Bank SA
"The European Union summit (last week) did not lead to a fundamental solution to the region's problems. Markets' undertone remains nervous"
- Hirohide Yamaguchi, BoJ Deputy Governor (based on Reuters)
Pair's Outlook
USD/JPY did not manage to lift from an uptrend support and is currently returning back to 79.52, which should withstand the pressure in conjunction with 79.31/12, thus forming a wide, but nevertheless a formidable area. As we still cannot rule out a possibility of the aforementioned zone being breached, it is worth mentioning that additional supports are at 78.65/40 and 78.00.
Traders' Sentiment
An absolute majority of market participants (72%) preferred to enter the market with a buy trade, while only 28% of traders consider appreciation of the Japanese Yen a more likely scenario. At the same time four out of five orders are to buy the Greenback against the Asian currency.
© Dukascopy Bank SA