USD/JPY moves up from the 20-day SMA

USD/JPY moves up from the 20-day SMA

"The BOJ, one way or the other, is going to be much more expansionary. That is going to underpin the moves that we've seen already and will ultimately move the dollar-yen higher and higher still" - National Australia Bank Ltd. (based on Bloomberg)

Pair's Outlook

Since USD/JPY pair made a high at 86.63, which is the highest point since August, 2010, the price has depreciated reaching the 20-day SMA on a H4 graph. As this correction was the first one since the middle of November, a short position still remains very risky, despite the fact that the RSI has a value of 73 and the pair has left two gaps at lower levels.

Traders' Sentiment

SWFX market players changed their sentiments to bullish, as the price reaches new highs. The buy side controls more than 60% of opened positions and the sell side takes care of 40% of positions. The placed orders segment demonstrates huge expectations for an uptrend, as 82% of orders are buy and 18% are sell.