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- Maybank (based on Business Recorder)
Pair's Outlook
The USD/JPY currency pair has been trading within the borders of an ascending channel pattern for two consecutive weeks now and Friday was not an exception. The Buck successfully breached the monthly R3, but was unable to overcome the 111.00 psychological level. The Bollinger band around 111.37 represents immediate resistance today, but is unlikely to keep the Greenback at bay, with the channel's upper border and the weekly R1 forming a much stronger supply area around 112.30. A decline is also doubtful, as the nearest support, namely the up-trend, is reinforced by the monthly R3. Meanwhile, technical studies are also in favour of the positive outcome today.
Traders' Sentiment
Today 53% of traders are short the US Dollar, compared to 54% on Friday. The number of sell orders surged from 48 to 52%.
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