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"We're looking for further improvement in U.S. data. The U.S. economy is set to outperform Japan and Europe, and that should see some support for the U.S. dollar and weakness in the yen"
- Bank of New Zealand (based on Bloomberg)
Pair's Outlook
USD/JPY shows strong uptrend signals, as currency pair has rapidly approached 55-day and 100-day SMA levels and already reached the upper Bollinger band line at 79.05. Today's candle opened above the downtrend line, which starts since 24th January, 2012, and stays positive after the Asian trading session. Daily technical indicators support current USD/JPY surge, as weekly and monthly turned mixed.
Traders' Sentiment
Situation in SWFX market keeps an overbought status, as 73.3% traders have long positions and only 26.7% have short positions. Investors have huge expectations for the further U.S. Dollar strengthening against the Yen. Pending orders segment shows even more segmented situation, as 83.1% traders have placed an order to open a long position and only 16.9% to open a short one.
© Dukascopy Bank SA