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"Rather than pushing on towards 80 yen, the dollar seems likely to trade in a range of roughly 77 yen to 79 yen over the next week or two"
- Saxo Capital Markets (based on CNBC)
Pair's Outlook
USD/JPY slowly approaches 77.99/98, but should not invade into deeper levels, being that 77.70/49 and 77.21 are formidable supports. They should eventually revive the pair and restore bullish outlook, which is implied by banks' forecasts with the median of 82 in nine months. For now, technical indicators resist this scenario, besides, resistances overhead proved to be strong enough to negate rallies.
Traders' Sentiment
Most of SWFX marketplace participants continue to express their willingness to take possession of the U.S. Dollar, namely 77% of orders are buy. This goes in line with the fact that 74% of opened positions are long and the pair is thereby generally anticipated to recover.
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