© Dukascopy Bank SA
"The central bank [of Japan] has no intention of directly influencing yen moves. But that doesn't mean we do not care anything about currency moves"
- Hirohide Yamaguchi, BOJ Deputy Governor (based on Reuters)
Pair's Outlook
After closing below 77.99, the pair now approaches an additional support level at 77.68/57, where it will encounter a significant amount of buying pressure that is unlikely to let the price slide lower. Even if it does, 77.25/18 will aid in suppression of a dip, being partially formed by an uptrend support line, which has been respected by the market since October 2011.
Traders' Sentiment
At the moment advantage is on the bullish side, since 72% of all the positions opened on USD/JPY in SWFX marketplace are long, while only 28% of them are in favour of a stronger Japanese Yen. Orders also support positive outlook on the pair, as presently the share of buy orders amounts to 80%.
© Dukascopy Bank SA