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"I think the consumption tax needed to be raised. But the economy is in a bad way."
- Local business owner in Japan (based on CNBC)
Pair's Outlook
The Greenback has managed to reverse some of the recent losses that it faced against the Japanese Yen; however, there is a very low possibility of the pair setting weekly gains. Moreover, the technical levels remain more to the upside, especially the daily ones and that could mean that the pair's bulls are ready to form another attack towards the psychological level at 120.
Traders' Sentiment
The sentiment of the SWFX market participants remains neutral with respect to USD/JPY, as of today 52% of the market participants are long. Concerning the orders placed 100 pips from the spot, there are significantly more commands to buy, namely 70%.
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