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- National Australia Bank (based on Reuters)
Pair's Outlook
The US Dollar ended the day with another decline yesterday, falling below the 106.00 mark and completely negating Fridays gains. Earlier today the USD/JPY currency pair unexpectedly slumped below the 105.00 major level, amid growing skepticism that more easing from the BoJ will be successful in weakening the Japanese currency. The immediate support in this case is likely to be completely ignored, with all attention shifting to the cluster around 104.15, formed by the weekly S2, the monthly PP and the 20-day SMA. A drop beyond the 104.00 psychological level is unlikely, as the Buck is expected to partially recover from its current plunge during the day.
Traders' Sentiment
Today 55% of all open positions are long (previously 51%), whereas the share of purchase orders takes up 65% of the market, up from 27%.
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