© Dukascopy Bank SA
- Bank of Tokyo-Mitsubishi UFJ (based on CNBC)
Pair's Outlook
USD/JPY is currently grinding down a support area at 78.22/08, after which it is likely to target 77.85, while a lower level at 77.33 has a much lesser chance of being attained, since in general indicators are neutral. Even though resistances at 78.68 and 78.98 are unlikely to come into play, they will attempt to limit rallies en route to a key zone at 79.23/50, if the present trend is reversed.
Traders' Sentiment
The Japanese Yen remains the least popular currency among liquidity consumers of SWFX, thereby the overwhelming majority of traders (74%) are holding long positions on USD/JPY, whereas merely 26% of the market anticipate the Yen to gain in value. Moreover, 73% of orders placed on the pair are buy orders.
© Dukascopy Bank SA