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"The BOJ will continue to monitor both upside and downside risks to economic and inflation conditions, and make adjustments as appropriate."
- Haruhiko Kuroda, BoJ Governor (based on WBP Online)
Pair's Outlook
The US Dollar ended the previous week lower against the Japanese Yen, as it breached the up-trend and dropped to the lowest in five months. However, in spite of the US Bank holiday today, the USD/JPY is likely to edge higher, as the PBoC's policy movement and the BoJ Governor's remarks drove demand for the safe-haven Yen lower. The weekly pivot point and the monthly S2 around 117.50 are the levels to stop the pair's further appreciation; meanwhile, the weekly S1 and the Bollinger band should limit the dips in case a sell-off takes over the market.
Traders' Sentiment
More traders, 68%, have a negative outlook towards the Buck (previously 62%), while 51% of all orders are to sell the Greenback.
© Dukascopy Bank SA