Dukascopy - Analytics

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    USD/JPY edged up on Friday

    © Dukascopy Bank SA
    "There's no good reason to apply additional easing now. At the same time, the BOJ shouldn't let concern about weakening the yen further stop it from expanding policy if needed."
    - Etsuro Honda, adviser to Japan Prime Minister (based on Bloomberg)

    Pair's Outlook
    USD/JPY currency pair added in value for the second day last Friday, following a rebound from the 55-day SMA. The Buck is likely to slump today, as the Existing Home Sales data is expected slightly worse over the month. However, the closest support, which is represented by the weekly PP at 118.87, might stop the pair from sliding too much.

    Traders' Sentiment
    There are more bulls than bears among SWFX traders, accounting for 60%, while the number of buy orders is even higher, by accounting for 65% from the spot.

    © Dukascopy Bank SA

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