© Dukascopy Bank SA
"Our price target for the yen is infinity, meaning we think the yen is going to be worthless down the road. They're going to try to pump as much money into the economy as possible and at some point they're going to break their own neck with that."
- Mountain View (based on Bloomberg)
Pair's Outlook
Although long term technicals point at the strength of the pair, it has not been able to consolidate above 100 JPY in the past 20 days. As short and medium technicals do not give clear aggregate signal it is likely that pair will continue to trade around the 100 JPY for quite some time while being bound by the 55 and 100-day SMAs and weekly R1.
Traders' Sentiment
Some bearishness has creeped in to the market—share of open bullish positions in the market decreased by 3% and is at 71% gauge today; bullish pending orders decreased by 4% and is at 52% level at the moment.
© Dukascopy Bank SA