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"Japan's GDP highlighted the fragility of the global economic situation. The risks are that you see a little bit of U.S. dollar outperformance"
- Westpac Banking Corp. (based on Bloomberg)
Pair's Outlook
USD/JPY is slowly eroding an interim resistance level at 78.33/39, though does not yet possess enough bullish momentum in order to commence robust recovery and reach 79.39/50, being that there is a number of strong resistances en route to a key zone. The nearest support is at 78.00/77.98 and should limit possible losses of the pair.
Traders' Sentiment
An overwhelming majority of market participants holding positions on USD/JPY expect the Japanese Yen to lose in value against the greenback, since 71% of opened positions are long and 29% are short. The orders placed on the currency pair confirm bullish view of the market, as 61% of them are buy orders.
© Dukascopy Bank SA