USD/JPY moves flat

USD/JPY moves flat

'We do expect fireworks from Kuroda come his first policy meeting' on April 3-4. One option for Kuroda would be to announce an earlier start to open- ended asset purchases originally set for 2014, which may help push the dollar to 102 yen in the second quarter.' - Standard Chartered Plc. (based on Bloomberg)

Pair's Outlook

USD/JPY pair remains indifferent to worldwide news, as the price moved flat two previous weeks. The pair is bounded by the monthly R2 level at 96.37 from above and the monthly R1 at 94.47 from below. Currently, the price is just beneath the 20-day SMA and a 95.00 benchmark. If the pair settles lower than the monthly R1, it is very possible to face a gradual depreciation to the 55-day SMA at 93.22 or even to the monthly PP level at 92.66.

Traders' Sentiment

The vast majority of SWFX market participants entered long positions in USD/JPY pair, since 89% of all SWFX market is bullish. Pending orders segment is noticeably more balanced, so that 63% orders are placed to buy the pair and 37% to sell it.