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"Considering that the dollar was around 79 yen when our government started, it would not be a mistake to say it has fallen rapidly."
- Japan's Finance Minister (based on Reuters)
Pair's Outlook
USD/JPY pair was able to develop through an important resistance line around 114.70, which held the US dollar nearly for two days. The pair also surpassed a major level at 115. Bullish forecasts for the cross remain in place, being that there are no strong resistances at least up to 116.51, where the weekly R2 has its location. Technical indicators on daily and weekly charts still estimate the bullish action, meaning that upward scenario is likely to take place in the foreseeable future.
Traders' Sentiment
Due to advance of the pair, long positions decreased even more, as now they constitute only 42% of all. 56% of pending orders in 100-pip range are still set to acquire the Dollar versus Japanese yen.
© Dukascopy Bank SA