© Dukascopy Bank SA
"There is no backing away from our commitment to fiscal consolidation. We will keep our fiscal 2020 goal to achieve fiscal health. I am convinced that through that, there will be no loss of international trust."
- Japan's Prime Minister Shinzo Abe (based on Bloomberg)
Pair's Outlook
USD/JPY pair continued with its long-term bullish trend and increased further during last 24 hours. The US dollar surpassed the 2007 Oct high and weekly R1 at 118 and jumped up to the next resistance line and the major level around 119. For the time being, this level manages to hold the pair from going higher. However, we are waiting for this line to be breached in the nearest future. After that, the pair may set the weekly R3 at 121.19 as a new target.
Traders' Sentiment
Distribution between long and short positions improved slightly, but it still remains broadly neutral, as only 52% of all positions are bullish. Pending orders, in turn, surged with 66% and 69% of them set to buy the Greenback in 50 and 100-pip ranges, respectively.
© Dukascopy Bank SA