© Dukascopy Bank SA
"The upshot is that the [Japanese] economy likely returned to growth this quarter."
- Capital Economics (based on ABC News)
Pair's Outlook
The Greenback continues to reach new highs this year and most likely it will continue to do so, if the pair will remain supported by the bullish trend-line. Since the pair is still showing bullishness, we see the pair targeting the weekly R1 and monthly R2 at 122.86/123.16 this week. At the same time technical indicators are mixed and pointing sideways.
Traders' Sentiment
The sentiment of the SWFX market participants remains neutral with respect to USD/JPY, since 50% of the market participants are long. At the same time the gap between the buy (56%) and sell (44%) orders has narrowed.
© Dukascopy Bank SA