© Dukascopy Bank SA
- Brown Brothers Harriman (based on CNBC)
Pair's Outlook
USD/JPY continues to gravitate towards 99.98/79 and the short-term rallies that appear on the chart are highly unlikely to knock the pair off the course south. Once the price reaches the up-trend support line, it is expected to initiate a bullish wave that will surpass a local high of 103.73, as implied by the technical studies on daily and monthly timeframes.
Traders' Sentiment
Despite a sizeable decline of USD/JPY just recently, traders stay strongly convinced that the pair is going to recover—74% of them are holding long positions. In the meantime, the Japanese Yen is the least popular currency in the market, bought in merely 29% of cases in its crosses. Distribution between the buy and sell orders is greatly skewed towards the buy ones (74%).
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