The Bank of Japan’s hands-off approach fuels Japanese Yen weakness across a range of currency markets.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/JPY prices may continue to rise.
Download the Latest IG Sentiment Report and discover how daily and weekly shifts in market sentiment can impact the price outlook:GBP/JPY continues to post an unbroken series of higher lows, and a break above the mid-to-late March double top around 193.50 would continue a series of higher highs. Above here, the June 2015 high at 195.88 heaves into view. Initial support is around 191.00.
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