© Dukascopy Bank SA
"I believe the public approved of two years of our 'Abenomics' policies."
- Shinzo Abe, Japan's Prime Minister (based on Yahoo)
Pair's Outlook
For the recent days the pair has been fluctuating around the 118/119 levels and seems well-supported by the 118 level. And even though the technical indicators are slightly more to the upside, the pair is not showing its bullish determination. We expect the USD/JPY cross to continue to trade around the 118 level, with a potential of testing the psychological level at 120.
Traders' Sentiment
The sentiment of the SWFX market participants remains neutral with respect to USD/JPY, as of today 51% of the market participants are long. Concerning the orders placed 100 pips from the spot, there are significantly more commands to buy, namely 73%.
© Dukascopy Bank SA