© Dukascopy Bank SA
"There will probably be more doubts about the feasibility of the BoJ's inflation goal and that will result in calls for further policy action"
- NLI Research Institute (based on Bloomberg)
Pair's Outlook
Robust advancement of USD/JPY was not carried into the next day. Consequently, the pair continues to gravitate towards 78.16/08, which now has an increased possibility of being eroded. Additional support may be found at 77.85/82, followed by 77.66. Resistances, on the other hand, are situated at 78.68 and 78.92/98 and are viewed as able to contain the price in case rallies do appear.
Traders' Sentiment
The Japanese Yen is the least frequently preferred currency among its major counterparts, as it is being bought only in 27% of cases. Therefore the share of bullish towards USD/JPY traders (75%) by far exceeds the share of bearish towards the pair traders, who in turn constitute merely a quarter of the market.
© Dukascopy Bank SA