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- Eric Rosengren, Boston Fed President (based on Bloomberg)
Pair's Outlook
Right now USD/JPY is undergoing a correction, but a combination of the 55, 100 and 200-day SMAs has a good chance of stopping the dip from developing any further. Moreover, there are strong demand areas at 98.15/97.82 (monthly PP) and 97.19 (up-trend support) in case the sell-off drags on. From the upside the currency pair is limited by 99.36/11.
Traders' Sentiment
Most of the traders believe the U.S. Dollar will continue outperforming the Japanese Yen—74% of them are currently holding long positions on the currency pair. As for the orders set on USD/JPY, 68% of them are to enter the market with a Dollar-buy trade.
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