© Dukascopy Bank SA
"Japan's November data will show the economy continues to underperform."
- Moody's Analytics (based on CNBC)
Pair's Outlook
USD/JPY has recovered since the weak performance at the beginning of the previous week and now is nearing the 120 mark. The bullish pressure is surely growing; although, the mentioned 120 level will not be a small obstacle to face. Nonetheless, we expect the pair to surpass the psychological level, while the technical studies are neutral with only the monthly ones being bullish.
Traders' Sentiment
The sentiment of the SWFX market participants has not changed and it remains neutral with respect to USD/JPY - 52% of the market participants are long. The distribution between the buy and sell orders is also quite stable—55% and 45% respectively.
© Dukascopy Bank SA