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"Japan's price trend is improving steadily. There is no doubt that inflation expectations have risen due to QE."
- Haruhiko Kuroda, BoJ Governor (based on WBP Online)
Pair's Outlook
Despite expectations, the US Dollar managed to appreciate against the Yen yesterday. Even though the USD/JPY crossed the 119 level during trading hours, ultimately, the pair still edged up, but only three pips. The Greenback is likely to grow again today, as technical studies are bolstering the positive scenario. The nearest resistance is located at 119.40, namely the 100-day SMA, but a surge even towards the 55-day SMA at 119.74 is probable outcome.
Traders' Sentiment
Bullish traders keep growing in numbers, as today 60% of all positions are long, compared to 56% yesterday. Meanwhile, the share of buy commands added 11 percentage points. Purchase orders now account for 67% of the market.
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