© Dukascopy Bank SA
-Westpac Banking Corp. (based on Bloomberg)
Pair's Outlook
Even though USD/JPY reached a four-year high last week, peaking at 102.15, the pair was showing bearish sentiments last two sessions, as the price gently corrects from the high towards the weekly pivot point at 100.89. This movement might be only a technical retreat, as traders finally cashed in their profits, after which the price should be able to continue its advancement and reach the monthly R2 level at 103.97.
Traders' Sentiment
The buy side expanded greatly by reaching a 70% share once again. Investors are back on track, as they see the pair noticeably higher amid the BOJ's changes to the monetary easing. Waiting orders market is heavily exposed towards an upside movement, as 73% of placed orders are waiting to purchase the pair.
© Dukascopy Bank SA