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"There is a clear idiosyncratic yen weakening trend in play. A changing political landscape and the prospects of more aggressive Bank of Japan action in the near future all look to keep the yen under pressure for the time being"
- Deutsche Bank AG (Based on Bloomberg)
Pair's outlook
In the last few trading session, USD/JPY pair is traded in a very narrow range, as the price consolidates after an extremely quick appreciation during the previous week. Currently, the price has bounced twice from 82.55 level and is traded lower the weekly R1 at 82.35. If the pair finds a current resistance level as strong enough, then a possible correction range is very wide, as the nearest support is in 81.71 – 81.52 area.
Traders' sentiments
USD/JPY pair gradually strengthens it bearish sentiments, as the buy side decreased till 68% and the sell side increase to 32%. However, together with the sport market, placed orders sentiments do not change, as the bullish side still maintains control over 88% and the sell side just over 12%.
© Dukascopy Bank SA