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"The U.S. dollar is the only currency that is not associated with rate cut expectations."
- Mizuho Bank Ltd. (based on Bloomberg)
Pair's Outlook
USD/JPY keeps fluctuating around 118, as it still lacks momentum. Nonetheless, as long and the support at 116 stays intact, the long-term outlook will be considered bullish, though there are formidable resistances overhead: 119, 121 and 122. If the key demand level is violated, the outlook will be changed to negative, though there are formidable supports at 115 and 113, represented by the 100-day SMA and up-trend, respectively.
Traders' Sentiment
The SWFX sentiment remains bullish, but right now there are relatively less long positions (60%) than yesterday (65%), despite the volatility being decreased. The share of buy orders contracted as well, namely from 60 to 51%.
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