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- Gaitame.com (based on Bloomberg)
Pair's Outlook
Even though USD/JPY has recently broken out of the falling wedge pattern and then was able to gain a toehold above a formidable support zone, it remains too heavy to commence a recovery. The currency pair has not yet confirmed a breach of 102.25/09, but it seems unlikely that the price will be in position to pare the latest losses before touching 50% Fibonacci retracement level.
Traders' Sentiment
SWFX traders are little less confident in appreciation of the U.S. Dollar relative to the Japanese Yen than yesterday, being that the percentage of longs stepped from 73% down to 71%. Still, they constitute an overwhelming majority of the market, similarly to the buy orders (76%).
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