Dukascopy - Analytics

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    Weekly PP pushes USD/JPY below 119

    © Dukascopy Bank SA
    "The BOJ will wait to see how oil prices may impact people's deflationary mindset, and brisk trade data will encourage Kuroda to stand pat on policy for the time being."
    - Norinchukin Research Institute (based on Reuters)

    Pair's Outlook
    USD/JPY pair is seen fluctuating today after Wednesday's sharp decline. Since midnight USD/JPY has rebounded, and the pair keeps growing steadily. Moreover, technical indicators in the daily time frame are showing bullish signs, meaning that the Greenback is likely to extend gains during the day, despite the bearish signs in shorter periods. 

    Traders' Sentiment
    The distribution between the long and short positions in the SWFX marketplace is unchanged, remaining at 59% bulls and 41% bears. At the same time, the number of orders to buy the Greenback surged 11%, accounting for 72% of the market.

    © Dukascopy Bank SA

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