USD/JPY depreciates from a 30-month low

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The world has gone massively short yen on the idea that Japan is going to be more aggressive with its stimulus under the new prime minister. Comments like Amari's are likely to spook those holding yen shorts."
- WestPac Banking Corp. (based on Bloomberg)


Pair's Outlook
The major Asian currency pair depreciates from a 30-month low, as technical gauges indicate an overbought situation. The price slipped from a 90.17/51 resistance level and currently the pair is testing the weekly PP at 88.66. The closest support level is at 88.47, where the monthly R1 is located, and after that a 87.66/35 area, where the weekly S1 merges with the 50-day SMA. But situation for a short positions is extremely risky, as USD/JPY is depreciating only the first day and is still in a very strong bullish trend.

Traders' Sentiment
SWFX market investors gradually reduce their bullish sentiments, since 37% of positions are long and 63% are short. Pending orders situation remains bullish, but the extent of it is lower than in the previous month, as 78% of orders are buy and 22% are sell.

© Dukascopy Bank SA

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