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"Japanese policy makers haven't responded fast enough to developments. That will probably continue to be the case. Not stepping on the accelerator with policy implies that the yen will be pretty strong"
- HSBC (based on MarketWatch)
Pair's Outlook
After a failure to violate the 200 day SMA at 79.50/59 and the ensuing precipitous fall, USD/JPY is crawling upwards. Nonetheless, due to a lack of bullish impetus the currency couple is temporarily unable to pierce through the initial resistance levels at 78.71/93 and 79.17 effortlessly. In the meantime, supports are at 78.13/77.94, 77.52/34 and 76.76/56.
Traders' Sentiment
An overwhelming majority of market participants (74%) expect the U.S. Dollar, one of the most popular currencies in SWFX marketplace at the moment, to gain value relatively to the Japanese Yen, while 26% of traders believe in an alternative scenario. Moreover, the ratio between buy and sell orders is 73% to 27%, respectively.
© Dukascopy Bank SA