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"The bank will continue with quantitative and qualitative monetary easing, aiming to achieve the price stability target of 2 per cent, as long as it is necessary for maintaining that target in a stable manner."
- Japan's Central bank (based on The Economic Times)
Pair's Outlook
Weekly PP failed to provide strong enough of a support for the pair. It dipped by almost 300 pips until found some base with the 100-day SMA. At the moment it is trading at the 99 JPY. 100-day SMA provide strong enough of an impetus for a bullish correction, but pair should dip till 97.5 JPY in the medium to long term. Short term rallies/correction should be capped by 100 JPY.
Traders' Sentiment
Situation in the market remains exactly the same as yesterday and very similar to the past months as well. 72% are already long on the pair and 53% of all pending orders are set to buy the greenback against the yen.
© Dukascopy Bank SA