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"The minutes were quite dovish and are consistent with our economists' view that QE3 is more likely than not in September"
- BNP Paribas SA (based on Bloomberg)
Pair's Outlook
USD/JPY came under substantial pressure and fell through a number of supports that failed to prevent significant depreciation of the U.S. Dollar and, consequently, exposed 77.98, below which 77.82/67 and 77.34/18 are situated. And even though the distance between the spot and 77.98 has been decreased, the medium-term perspectives are considered to be bullish.
Traders' Sentiment
Being that currently the greenback is the most popular currency and the Japanese Yen is the least popular currency in SWFX marketplace, sentiment of traders is bullish towards USD/JPY, as 71% of the positions are long and 29% are short. Moreover, 71% of orders are to acquire the Dollar and 29% are to buy the Yen.
© Dukascopy Bank SA