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- Sumitomo Mitsui Banking Corp. (based on Reuters)
Pair's Outlook
The US Dollar remained relatively unchanged against the Japanese Yen on Thursday, as a calm before the storm. And the storm did deliver, the USD/JPY currency pair plunged over 250 pips after the BoJ disappointed the markets with its decision earlier today. As a result, the third support level, namely the weekly S3 at 102.90, was reached, but the exchange rate could still partially recover and, thus, stabilise above the 104.00 level, amid a strong cluster providing support around 104.25, represented by the weekly S2, the monthly PP and the 20-day SMA. However, according to weekly and monthly technical studies, a close below 104.00 would not be out of the ordinary.
Traders' Sentiment
There are 57% of traders retaining a positive outlook towards the Buck, while the portion of buy orders inched up from 53 to 69%.
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