© Dukascopy Bank SA
"The currency market mood is likely to turn more pessimistic this week as investors return their focus to fiscal-policy challenges"
- Credit Agricole (based on MarketWatch)
Pair's Outlook
Major area, which provides support from 79.66 till 79.17, remains under risk of being broken, as USD/JPY did not yet manage to leave its vicinity and thus proving bullish momentum to be fragile. Bearish scenario would lead the pair down to 78.87/85, then towards lower levels at 78.39 and 78.08. Nonetheless, breach of resistance at 80.41/48 would confirm intentions of the price to advance upwards.
Traders' Sentiment
An overwhelming majority (72%) of market participants have preferred to acquire the U.S. Dollar against the Japanese Yen, which is the least popular currency relative to its counterparts, whereas the share of bearish traders is merely 28%. As for the orders, 78% of them are to buy the greenback and 22% of them are to sell it against the Yen.
© Dukascopy Bank SA