© Dukascopy Bank SA
- Sumitomo Mitsui Trust Bank (based on CNBC)
Pair's Outlook
At first USD/JPY hesitated to rise above a combination of the weekly and monthly R1 levels, but now there are less than 80 pips to go until yet another important milestone, namely the 2008 January low. After reaching this level the rally is expected to get a short reprieve, during which the price should not decline far below 103.74 for the bullish outlook to stay topical.
Traders' Sentiment
The sentiment of the SWFX market participants with respect to USD/JPY remains stable—56% of positions are to benefit from the rally and 44% assume the buck is going to soften. As for the orders, however, 87% are set to purchase the U.S. Dollar against the Japanese Yen.
© Dukascopy Bank SA