© Dukascopy Bank SA
- Toronto-Dominion Bank (based on Bloomberg)
Pair's Outlook
Despite absence of any significant obstacles overhead, USD/JPY is finding it hard to gather enough strength to continue the advancement. Nonetheless, the technical indicators are mostly pointing upwards and 109 is acting as a reliable support, meaning the risks are still skewed in favour of a surge. The U.S. Dollar is likely to keep appreciating and the 2008 high at 110.72 remains a viable medium-term target.
Traders' Sentiment
There are more and more SWFX traders entering the market counter the main trend—selling the Greenback against the Yen. Already 71% of open positions are short. But there are more buy orders (64%) than there are sell ones (36%).
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