© Dukascopy Bank SA
"It's a combination of sluggish growth abroad, coupled with the pace of spending being so strong in the prior quarters."
- Wells Fargo (based on MarketWatch)
Pair's Outlook
USD/JPY seems supported above the 118 level, as the weekly PP and 55, 100 and 200-period SMAs are located just above the mark. Moreover, the Greenback reached new this year's high at 119.03; however, that has impacted the pair to the down-side as the pair slipped shortly after that. The daily technical levels are bullish and that could continue to push the pair above the 119 level.
Traders' Sentiment
While the sentiment of the SWFX market participants remains neutral with respect to USD/JPY, since only 51% of traders are long, the share of buy commands is expanding, and it has already reached a substantial level—71%.
© Dukascopy Bank SA