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"The talk of central bank action prompted some speculation the Bank of Japan might have acted to do something today. Had it acted, it would have been negative for the yen. The fact that it didn't obviously is pushing the yen higher"
- Credit Agricole (based on Bloomberg)
Pair's Outlook
The currency pair is promptly heading towards a support at 78.43 at the moment, as it has just pierced through a tough level at 79.15/12, despite it being formed by weekly and monthly pivot points as well as 20 and 200 day simple moving averages. In case 78.43 gets breached as well, 78.08 and 77.63 will be tested next, even though technical indicators suggest bullish scenario.
Traders' Sentiment
Three quarters of all the market participants who have their positions opened on USD/JPY are long on the currency pair, while merely 25% of them expect the Japanese Yen to outperform the Greenback. As for the orders placed on USD/JPY, 77% of them are buy orders and 23% are sell orders, accordingly.
© Dukascopy Bank SA