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"We think it is safe to say that this strategy has generated more than the intended effect in this regard."
- Goldman Sachs (based on CNBC)
Pair's Outlook
USD/JPY has breached the psychological level at 120 and it has a potential to trade even slightly higher. Although, a significant move is not likely due to the low volatility. The next target for the pair's bulls is the monthly and weekly R1 at 120.93/94, while it will be underpinned by the major level at 120. Moreover, the weekly technical studies are pointing to the north.
Traders' Sentiment
The sentiment of the SWFX market participants has not changed and it remains neutral with respect to USD/JPY - 52% of the market participants are long. Concerning the orders placed 100 pips from the spot, there are now more commands to sell, namely 55%.
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