© Dukascopy Bank SA
"We believe the stock market rally since Shinzo Abe came to power in December 2012 has increased the wealth of the richest Japanese."
- Nomura Research Institute (based on CNBC)
Pair's Outlook
Even though the US Dollar has outperformed the Yen for a while now, it still remains the stronger currency out of two. Interestingly the pair continues to set new this year's high every day of the week; moreover, most likely this day will not be any different and new high will be set. Nonetheless, the Greenback will face more substantial resistance around the 121 level, where the weekly R3 and monthly R1 is located.
Traders' Sentiment
The sentiment of the SWFX market participants remains neutral with respect to USD/JPY, since only 52% of the market participants are long. At the same time the gap between the buy (37%) and sell (63%) orders is widening.
© Dukascopy Bank SA