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"U.S. statistics over the past two weeks have made a third quantitative easing program far more likely. There is nothing quite as effective in devaluing the dollar as the Federal Reserve printing press"
- WorldWide Markets (based on CNBC)
Pair's Outlook
After days of choppy sessions, USD/JPY now appears to be driven by toughening bullish momentum following a strong rebound from a downtrend support line at 78.57/53. At the moment the currency couple is struggling at 79.09/17, but should soon overcome it, thus paving the way towards attainment of even higher levels. The initial resistance is at 79.67/83, reinforced by 80.03/27.
Traders' Sentiment
Being that the Japanese Yen remains as of the least preferred currencies in SWFX marketplace, USD/JPY stays overbought to a significant extent, since 74% of traders are long and only 26% of them are short on the currency pair. Moreover, 75% of orders placed on USD/JPY are buy orders, leaving only 25% to sell orders.
© Dukascopy Bank SA