© Dukascopy Bank SA
"The Bank of Japan has to do more to help the economy gather pace"
- FXCM (based on MarketWatch)
Pair's Outlook
USD/JPY remains contained by a narrow range formed by support at 78.43/38 and resistance at 78.71/75. However, the pair should soon be able to gather strength and pierce through an upper limit, then aim for subsequent levels at 78.95/79.08 and 79.29/50. In the meantime, supports at 78.08/77.98 and 77.56 are deemed to be sufficient to preserve bullish outlook.
Traders' Sentiment
According to 70% of market participants USD/JPY is likely to advance, whereas 30% of traders foresee an alternative scenario, where the pair is going to decline. At the same time 64% of orders are to buy the greenback and should provide buoyancy of the currency couple in near future.
© Dukascopy Bank SA