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"There's speculation that there will be some statements from the G-20 criticizing the rapid pace of yen's depreciation. The dollar-yen rate is starting to look overbought. It's no surprise the yen is being bought back after a sharp selloff."
- Brown Brothers Harriman & Co (based on Bloomberg)
Pair's Outlook
USD/JPY pair demonstrates limitless bullish sentiments, as the price sharply increased yesterday and reached even a new high at 94.36. The pair is very close to a 3-year high at 95.00, where also the weekly R2 is located. USD/JPY is traded slightly above the consensus among economists' predictions, but some of them say, that the exchange rate might reach 95.00 or even 100.00 in the future.
Traders' Sentiment
Bulls reduced their positions a little, as the price reached a new high. The bullish side shrunk to 61% and the bearish side reached 39%. Placed orders' segment stays with very strong bullish sentiments, as 78% of orders are placed for a long position.
© Dukascopy Bank SA