© Dukascopy Bank SA
"The market may try to weaken the yen beyond the psychological level of 85 per dollar"
- Credit Agricole SA (based on Bloomberg)
Pair's Outlook
This week USD/JPY has opened above the now former 19-month high, but presently is seeking to quickly close the bullish gap. Still, however strong gravitational forces are, the price is likely to continue recovering, as suggested by technical indicators, especially on weekly and monthly charts. The next resistance the pair may challenge is located at 84.94/85.21, followed by 85.74/95.
Traders' Sentiment
SWFX marketplace participants prefer the U.S. Dollar to the Japanese Yen, as evidenced by uncontested dominance of bulls in USD/JPY currency couple, where 68% of positions are long and only 32% are short. The positive outlook is also reinforced by 89% of pending orders being to acquire the buck.
© Dukascopy Bank SA