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- State Street (based on Business Recorder)
Pair's Outlook
The immediate support, namely the weekly PP, somewhat managed to prevent the USD/JPY currency pair from falling under 117.00. Today's BoJ statement weakened the Japanese domestic currency, as was expected, allowing the US Dollar to take the upper hand. However, in spite of the weaker Yen, the pair is unlikely to rise above the 118.50 level, as it failed to cross this threshold on several occasions previously. Moreover, a strong resistance area is located just above this level, which is to contribute to limiting the gains. The base case scenario is a close around the 118.00 level.
Traders' Sentiment
There are 54% of traders with a negative outlook towards the Buck today (previously 56%). Meanwhile, all pending orders in the 100-pip range are equally divided between the buy and the sell ones.
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