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"Quantitative and qualitative monetary easing (QQE) has been exerting its intended effects, and the Bank will continue with QQE, aiming to achieve the price stability target of 2 percent."
- BoJ Minutes(based on FXStreet)
Pair's Outlook
The USD/JPY pair managed to rebound on Thursday, amid better-than-expected US fundamental data. Ultimately, the 20-day SMA caused the bullish momentum to be regained, but the resistance cluster around 119.60 failed to stop the rally, although Wednesday's losses were not erased. Today the Greenback is likely to strengthen again, and the 120 level to be crossed. The closest resistance after that rests around 120.38, namely the Bollinger band, while technical studies are now showing bullish signs.
Traders' Sentiment
More traders have a positive outlook towards the Buck today, as 60% of all positions are long. The portion of buy orders dropped one percentage point, as they now take up 66% of the market.
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