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- FPG Securities (based on Business Recorder)
Pair's Outlook
Brexit also caused the US Dollar to weaken against most major peers, triggering the USD/JPY sell-off down to the 99.00 mark. Nevertheless, the pair managed to close trade just on top of the broadening falling wedge's support line, thus, we should now see the exchange rate rebound. However, risks of downside development persist, as technical indicators are giving bearish signals in all timeframes, while the pair opened with a small bearish gap today. In case bulls prevail the weekly PP is to limit the gains at 102.69, whereas the closest support is represented by the monthly S3 and the 50.0% Fibo circa 100.90.
Traders' Sentiment
Bulls remain strong, as 72% of all open positions are now long (previously 71%). At the same time, the share of purchase orders inched down from 62 to 55%.
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