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"The biggest reason behind the directionless trade in the dollar-yen pair is the swaying market consensus over the timing of the U.S. interest rate increase."
- Daiwa Securities (based on MarketWatch)
Pair's Outlook
USD/JPY has been trading in a tight range. The upper border is represented by the 20- and 55-day SMAs, while the support level consists of the lower Bollinger band and 100-day SMA. Moreover, technical indicators are showing neutral signs, so the Greenback is likely to remain within the range until the US data is published later today, which is likely to have a notable effect on the pair.
Traders' Sentiment
The bullish side of the SWFX marketplace has gained two percentage points during the last 24 hours, and it is now at 61%. Although not as high as yesterday, but the number of buy orders remains bullish at 69%.
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