© Dukascopy Bank SA
- BBVA (based on Business Recorder)
Pair's Outlook
Despite a better-than-expected US CPI, the US Dollar failed to post solid gains on Friday. Today, however, the pair's potential to edge higher is limited, due to a tough resistance area located right on top of the opening price. Moreover, the USD/JPY currency pair remains in a down-trend, which only weighs on the pair's ability to appreciate. From below the Greenback is supported by the weekly S1, which is located at 101.37. However, a much stronger cluster lies around 100.60, represented by the monthly S1, the 50% Fibo, the weekly S2 and the Bollinger band. Meanwhile, technical indicators are giving mixed signals in the daily timeframe.
Traders' Sentiment
Today 70% of all open positions are long, unchanged since Friday. The share of buy orders, on the other hand, dropped from 52 to 29%.
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