USD/JPY preserves upward momentum

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The weaker GDP data highlights that the Bank of Japan and government have a big job to do in the months ahead, especially given the risks to growth from the upcoming consumption-tax hike."
- Credit Agricole (based on MarketWatch)


Pair's Outlook

After topping out at 102.74 USD/JPY returned back to the support zone, which is mainly created by the 100-day SMA and the 38.2% Fibonacci retracement level of the November-December advancement. And even though on the whole the indicators are giving mixed signals, there is a good chance that the U.S. Dollar will stay on a long-term bullish path.

Traders' Sentiment

At the moment nearly three our of four traders (74%) reckon that the exchange rate will go up in the future, believing it has already reached the bottom. Moreover, we may claim that USD/JPY is presently standing near considerable demand zone—65% of pending orders are to purchase the greenback.
© Dukascopy Bank SA

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