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- UOB (based on FXStreet)
Pair's Outlook
The bearish scenario prevailed on Friday, as the USD/JPY currency pair not only dropped under the anticipated 103.50 level, but even returned under the 103.00 mark. The US Dollar, however, opened with a small bullish gap today, but even this is insufficient to be certain of today's bullish outcome. Another sign is the technical indicators, they are now giving bullish signals, also suggesting the pair is to edge higher. On the other hand, a tough resistance cluster rests around 103.75, which is likely to limit any possible gains. Having opened above 103.00 level, the Buck could still decline, as the nearest support is located only at 102.78.
Traders' Sentiment
There are still 58% of traders being long today, compared to 56% on Friday. At the same time, the number of sell orders increased from 44 to 55%.
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