USD/JPY retreats from 80.50

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"A weaker yen "isn't our main objective but it's a common understanding that an accommodative policy eventually leads to the depreciating of one's own currency"
- The Bank of Japan (based on Bloomberg)

Pair's Outlook
As it was expected, USD/JPY pair turned into a correction after bouncing to 80.50 level. Currently, the currency pair is traded around a psychological level of 80.00, which is very important for this pair, as further direction depends on which side will the currency pair settle down. In case USD/JPY continues to depreciate, 80.63/53 level would be targeted next, as there lie the 200-day SMA and the weekly S1.

Traders' Sentiment
SWFX traders' sentiment turns into being more bearish, as 3% of investors reversed their positions from bullish into bearish since yesterday. Currently, SWFX market provides data, that 70% traders are bullish and 30% are bearish. However, we will see a great support from a buy side for the price correction, as 84% pending orders are buy.

© Dukascopy Bank SA
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