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"There are still concerns about the global economy. Investors are selling currencies against the yen"
- Forecast Pte (based on Bloomberg)
Pair's Outlook
Support at 78.71/59 managed to underpin the pair after an accelerated move downwards, but nevertheless appears to be under risk of being breached. Additional levels of interest, capable of reigniting bullish activity of the price, are at 77.98/67 and 77.34/18. Once the positive outlook is restored, USD/JPY will encounter resistances at 78.98/79.20 and 79.50/58.
Traders' Sentiment
Among their major counterparts, the greenback and the Japanese Yen are respectively the most and the least frequently acquired currencies, accordingly, there is a substantial difference between the amounts of long and short positions on USD/JPY in favour of the long ones, which currently constitute 70% of the market. As for the orders, 69% of them are buy orders and 31% are sell orders.
© Dukascopy Bank SA