© Dukascopy Bank SA
"Bank of Japan Governor Haruhiko Kuroda on Monday urged companies to hike wages in line with the central bank's 2% sustained inflation target and said fiscal and monetary measures will remain keys to boosting the economy."
- investing.com
Pair's Outlook
Following the inability for USD/JPY to make critical moves on Friday, the pair opened on a positive note, distancing itself from the 38.20% (2015-2016 dive) Fibonacci level and psychological 107 yen area, which it had addressed the session before. A gain is likely to be cut by the 108.18 yen level, where the monthly R2 lies, shifting risk to 108.70 in case broken. Significant supply will limit movements underneath, clustering the monthly R1 and 200-day SMA to battle the weakness. We lean in favour of a close in green, due to the latest fifth wave failure on the hourly chart.
Traders' Sentiment
Market sentiment remains bullish at 59% today, but pending buy orders lost two percent and now show 48%.
© Dukascopy Bank SA