USD/JPY to start targeting 103.74

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The market is expecting further action from the BOJ at some point and the general expectation is for the yen to continue to weaken."
- OzForex Ltd. (based on Bloomberg)

Pair's Outlook

USD/JPY is on the verge of breaking through the resistance at 100.88/40, an event which would open a path towards the May high at 103.74. And even though the monthly R3 at 101.80 will obstruct the advancement, this level is unlikely to suppress the upward momentum of the currency pair for long, being that the daily and monthly indicators are mostly bullish.

Traders' Sentiment

At the moment three out of four USD/JPY market participants reckon that the U.S. Dollar will outperform the Japanese Yen and only one out of four believes otherwise, which is perfectly the same distribution between the traders as yesterday. The ratio between the buy and sell orders is 72% to 28% respectively.
© Dukascopy Bank SA
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