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- SMBC Nikko Securities Inc. (based on Bloomberg)
Pair's Outlook
USD/JPY remains unchanged, since the price fluctuates around the weekly pivot point level. Even confirmation by the Bank of Japan of the plans to double the monetary base over two years, expanding supply of money in the economy by 60-70 trillion Yen, did not spark any notable reaction. The closest resistance is positioned around a 104 benchmark, as the monthly and weekly R2 coincide with the Bollinger band.
Traders' Sentiment
A sizeable portion of investors are bullish on USD/JPY pair, as there are three long positions out of four in the market, meaning that traders are strongly convinced in the buck's appreciation. Placed orders market is bullish with 62% of buy orders.
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