© Dukascopy Bank SA
- BK Asset Management (based on Business Recorder)
Pair's Outlook
The Greenback managed to remain above the 100.00 major level on Tuesday, ultimately closing with an eight-pip loss. The US Dollar is expected to be exposed to more weakness today, as price once again opened just under the weekly PP, where supply is strong. However, the 100.00 mark remains a tough support, which will be difficult to pierce. Provided there is sufficient impetus, the USD/JPY currency pair could fall towards 98.75, where the weekly S2, the monthly S1 and the Bollinger band form an even stronger demand area. Technical indicators are bolstering the possibility of the negative outcome today, as they retain bearish signals.
Traders' Sentiment
Both bullish market sentiment and the share of buy orders remain unchanged, taking up 67% and 54% of the market, respectively.
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