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- Global-info Co. (based on Reuters)
Pair's Outlook
Due to lack of market movers, the US Dollar remained relatively unchanged against the Japanese Yen on Friday. The pair remains subject to weakness, as it keeps gravitating towards the monthly R1 at 103.74, in spite of technical indicators suggesting a rally is possible. The 103.33 level still represents the bottom floor, also bolstered by the weekly S1, the 20 and the 100-day SMAs. Meanwhile, the 104.22 mark represents the upper border of the likely trading range, but the base case scenario is a decline towards around 103.50. Overall, the USD/JPY pair is expected to remain within the borders of its current consolidation trend until October 27.
Traders' Sentiment
Bulls keep losing numbers, as 59% of traders are long the Buck today (previously 60%). The share of buy orders slid from 60 to 57%.
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