USD/JPY overcomes 78.42

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"I expect the BOJ to bolster aggressive monetary easing. Such a move would keep the yen in check"
- Kengo Suzuki, Mizuho Securities (based on Bloomberg)

Pair's Outlook

USD/JPY closes in on 78.76/80, a step above which would mean reignition of bullish activity of the pair at least in the medium term. Subsequent resistance is at 79.06, although 79.65/80 poses a much greater threat to the recovery if it is to persist. Since a downtrend resistance line at 78.42 has been broken, it is now expected to act as support and prevent dips from extending.

Traders' Sentiment
The Japanese Yen is the least popular currency among its major counterparts at the moment, being bought only in 30% of cases on average in the SWFX marketplace. Accordingly, the portion of long positions on USD/JPY is 73%, while bears constitute 27% of the market.

© Dukascopy Bank SA

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