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- RBC Capital (based on MarketWatch)
Pair's Outlook
USD/JPY remains calm despite other currency pairs being under considerable stress. The pair has formed a base above 79.84 and is likely to preserve its from neutral to bullish outlook, as a key support at 79.61/34 managed to withstand the pressure and approve its significance to the market. Resistances to be targeted in future are at 80.53/59 and 81.04/28.
Traders' Sentiment
Since the Japanese Yen is the least preferred currency in the market, being bought in 27% of cases in general, traders' sentiment is bullish to a large extent, namely 73%, towards USD/JPY, as they expect the Asian currency to continue depreciating. The similar advantage have buy orders over sell orders, being that their portion is 74% compared to a 26% share of the counterparts.
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