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- Gaitame.com Research Institute Ltd. (based on Bloomberg)
Pair's Outlook
Monday's decline caused the USD/JPY currency pair to almost completely erase the bullish gap. Moreover, the Buck crossed the immediate support yesterday, leaving the door open for a fall below 100.00 level, as today the closest area to limit the losses rests only at 99.36, namely the weekly S1. Technical indicators also suggest the pair is to edge lower, as they retain bearish signals in all timeframes. Ultimately, the Greenback could continue sliding down to around 0.96, where the lower border of the descending channel pattern is located, unless the tough support area around 98.70 triggers a rebound.
Traders' Sentiment
Market sentiment slightly improved over the day, as 67% of all open positions are now long, compared to 65% yesterday. The portion of buy orders, however, lost 1% point, having fallen to 54%.
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