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– Mizuho Securities (based on Business Recorder)
Pair's Outlook
The USD/JPY currency pair managed to post some gains last Friday, retaking the 117.00 major and reconfirming the channel's borders. Today the pair opened on top of the same psychological mark, now facing the channel's upper boundary. Consequently, the US Dollar should suffer a small loss in order to provide the channel with an additional confirmation, but the weekly PP, located at 116.97, could provide sufficient support to cause an upside breakout. Furthermore, technical studies also suggest the Greenback is to end the day in the green zone, implying that two weeks was enough for the descending channel pattern to last.
Traders' Sentiment
The bulls and the bear ratio is still equal to one today, while the share of buy orders takes up 51% of the market, unchanged since Friday.
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