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- Marito Ueda, FX Prime (based on Market Watch)
Pair's Outlook
The Japanese Yen continued to outperform the American Dollar, causing the pair to drop below the 100.00 major level, but with the immediate support remaining intact. Earlier today the Buck managed to begin appreciating against the Yen, despite poor risk environment, but succeeding in climbing back above the 100.00 mark, for the time being at least. The nearest resistance rests at 100.55, which could keep the USD/JPY pair at bay and even trigger another sell-off, which is still suggested by the technical indicators. In case bears manage to take over the market, the immediate support at 99.78, namely the weekly S2, risks getting breached, with the target shifting to 99.00.
Traders' Sentiment
Bullish market sentiment returned to its Wednesday's level of 64%, while the share of buy orders declined from 52 to 38%.
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