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- St. George Bank Ltd. (based on Bloomberg)
Pair's Outlook
The American Dollar appreciated against the Japanese Yen on Wednesday, beating expectations and easily climbing over the 104.00 level. The second resistance area managed to contain yesterday's volatility, which also caused the USD/JPY pair to make a U-turn. Meanwhile, the monthly R1 and the 100-day SMA form immediate support around 103.50, which should prevent the pair from edging lower if bears remain dominant. Technical indicators are unable to confirm this outlook, as they are giving bullish signals in the daily timeframe, suggesting that a close above 104.00 is still possible.
Traders' Sentiment
For the second day in a row 57% of all open positions are long, whereas the portion of orders to sell the US Dollar increased from 51 to 57%.
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