© Dukascopy Bank SA
- Daiwa (based on CNBC)
Pair's Outlook
USD/JPY has managed to surpass the 119 level that remained unbeaten beforehand. Currently, the pair is hovering around the weekly R1 that is located at 119.23, if this level continues to hold the pair above the major level at 119 we might see a test of the 120 level. Nonetheless, most likely the pair will have to gain more bullish momentum to breach the psychological level and possibly even to touch it.
Traders' Sentiment
The sentiment of the SWFX market participants remains neutral with respect to USD/JPY, since only 52% of the market participants are long, the share of buy commands is falling and it has already reached a neutral level - 46%.
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