© Dukascopy Bank SA
- Mizuho Corporate Bank Ltd. (based on Bloomberg)
Pair's Outlook
Bullish sentiments and expectations in USD/JPY pair lifted the price to a new high at 84.43, which is the highest level since April, 2012. After a weekend's gap the exchange rate slipped to the weekly R1 at 83.85, however, without closing a gap, reversed and increased further. The price shows significant expectations to receive a positive decision from the Bank of Japan on the monetary easing programme, therefore an actual decision, specially if it does not match the expectations, might bring a notable correction. The RSI has a value of 72 and the index stays around this level while the price gradually steps up, creating a divergence.
Traders' Sentiment
Recent appreciation of USD/JPY pair has not changed sentiments of SWFX market participants, as 74% of traders have long positions and 26% have short positions. Pending orders segment stays heavily bullish, since 85% of orders is buy and only 15% is sell.
© Dukascopy Bank SA