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- Wells Fargo (based on Business Recorder)
Pair's Outlook
Although neither technical level was breached yesterday, the USD/JPY currency pair closed trade with a 79-pip loss. The immediate support cluster, namely the monthly S3 and the weekly S1, was put the test, but succeeded in keeping the Buck above 112.00 yen. The pair was unable to pierce this support through all of the month, but technical indicators suggest the exchange rate could drop below it today. In this case the next target will be the weekly S2 at 110.67, unless positive US fundamentals trigger a rally; the nearest resistance, however, is to remain intact.
Traders' Sentiment
Bullish traders' sentiment remains unchanged at 74%, while the portion of sell orders dropped 8% points lower, down to 74%.
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