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    USD/JPY acts on Japan's bank holiday

    © Dukascopy Bank SA
    "With limited progress on structural reforms that could boost productivity, Abenomics has not significantly improved the long-run outlook for Japan's economy."
    - Capital Economics (based on WBP Online)

    Pair's Outlook
    Although the USD/JPY edged lower at the end of last week, the loss was only nine pips big. The Greenback is expected to take advantage of the bank holiday in Japan, partially recovering from the previous week's losses. The immediate resistance is now represented by the weekly pivot point, while the up-trend remains the nearest support, now also bolstered by the 20-day SMA. Technical studies retain mixed signals, in spite of which, the US currency has a solid chance of retaking the 123.00 level and even reaching the second resistance if the fundamentals surprise with positive figures.

    Traders' Sentiment
    Today 73% of traders are holding long positions (previously 74%), whereas the number of buy orders inched 7% points up to 53%.

    © Dukascopy Bank SA

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