© Dukascopy Bank SA
"We do think the BOJ will ease further, but not at this week's policy meeting. That's going to be a further source of disappointment if indeed that plays out. The yen should strengthen"
- Standard Chartered Plc (based on Bloomberg)
Pair's Outlook
Despite the presence of a key support area at 79.47/35, USD/JPY continued to crawl lower. Bearish breakout has not yet been confirmed, but there is little chance the price will not close below 79.35 today, which in turn would activate further downward activity of the pair. The next support may be found at 79.17, followed by 78.96/85.
Traders' Sentiment
The overwhelming majority of positions (73%) opened on USD/JPY are long, since the Japanese Yen is the least popular currency among its peers and this particular currency couple is no exception from the general tendency. As for the orders, 74% of them are to buy the greenback and 26% are to sell it against the Yen.
© Dukascopy Bank SA