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- BK Asset Management (based on Reuters)
Pair's Outlook
Yesterday USD/JPY did not manage to settle above the 100-day SMA and the weekly R1, and now bears are pushing the currency pair south, towards the 38.2% Fibonacci retracement level. In case the demand at 102.07/101.92 in the end gives in, there are still formidable supports left between 101 and 100, which are highly unlikely to let the price to drop any lower.
Traders' Sentiment
There was a slight change in the distribution between the bullish and bearish market participants, but this did not influence the overall sentiment with respect to USD/JPY, which is heavily bullish at the moment, with 72% of open positions being in favour of the buck's appreciation relative to the Yen.
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