USD/JPY is set to advance

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Fed believes these weather issues, these (emerging market) issues are transitory and we are in a sustainable growth path for U.S. GDP."
- Federated Investors (based on Reuters)


Pair's Outlook

It seems that USD/JPY has finally ended its bearish correction and is now poised for a robust rally, as it is underpinned by the demand area at 102.04/101.96, formed by the 100-day SMA and the 38.2% Fibo retracement. Accordingly, the U.S. Dollar is seen as capable of challenging the monthly PP at 103.04 in the nearest future, regardless of a lack of support from the technical studies.

Traders' Sentiment

SWFX market participants have got slightly more optimistic with respect to the buck's prospects, as shown by expansion of the portion of long positions, which at the moment stands at 73%. As for the orders, 66% of them are set to buy the greenback against the Japanese Yen.
© Dukascopy Bank SA

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