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"Markets remain firmly focused on the prospects for a more aggressive post-election BoJ monetary policy stance, implying that the yen is likely to remain vulnerable in the near term"
- BNP Paribas (based on Reuters)
Pair's Outlook
After a short break around 81.00 level, USD/JPY surges further and already reached a seven-month high at 82.58. Since the price moves so radically, indicators show oversold signals, Bollinger Band is breached even in a weekly graph and the RSI indicator has a value of 78 in a daily graph. So the price should take a slower pace of appreciation to cool down the indicators.
Traders' Sentiment
In USD/JPY pair the buy side significantly exceeds the sell side, as 73% of traders have a buy position and wait for a further price increase and 27% of investors have a short position. Placed orders segment is distributed particularly bullish, as 92% are buy orders and only 8% are sell orders.
© Dukascopy Bank SA