© Dukascopy Bank SA
"The possibility of more easing [by the Fed] is gradually increasing as a series of economic indicators is worsening"
- Mizuho Securities Co. (based on Bloomberg)
Pair's Outlook
Since June 26 USD/JPY has been choppy without making any pronounced moves due to a large amount of supports and resistances scattered around the price. However, provided that the currency pair breaches 78.85/84, it will not encounter dense support areas until 78.08/77.97 and will be able to accelerate bearish motion. Upward advancement, on the other hand, will be difficult and slow.
Traders' Sentiment
Sentiment of SWFX marketplace participants is bullish to a substantial extent, as 71% of traders hold long positions on the pair, leaving only 29% of the market to those who expect the Japanese Yen to gain in value relative to the U.S. Dollar. As for the orders placed on the pair, 73% of them are buy orders and 27% of them are sell orders.
© Dukascopy Bank SA