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"Investors are wary of buying the yen on concerns that the Japanese authorities could intervene to weaken it"
- CNBC
Pair's Outlook
USD/JPY is presently headed towards an initial support level at 78.45/44, but may decline even more in the short term, down to 78.23/77.99. Further extension of a dip should be limited by 77.51/37 and 76.99/95, there the price is anticipated to start a long recovery, although it will have to confirm its bullish intentions by overcoming 79.53/79.
Traders' Sentiment
On average, in about 26% of trades involving JPY crosses, the Japanese Yen is sold against its peers, making it one of the least popular currencies in the SWFX marketplace. The share of bullish market participants is 72%, while the portion of bearish traders is only 28%.
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