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- IG Securities (based on Business Recorder)
Pair's Outlook
With Fed increasing the funds rate yesterday, the US Dollar successfully outperformed the Yen, thus, reconfirmed the four-week up-trend. Moreover, the Buck managed to climb over the 117.00 level, stabilising above a relatively strong resistance area, suggesting that more gains could now follow. Furthermore, technical indicators also imply the USD/JPY currency pair is to advance today. The Bollinger band around 117.29 represents immediate resistance, but a much strong cluster rests circa 118.75, formed by the weekly R3 and the monthly R1, which is the main target. However, there are doubts the US Dollar will be able to maintain trade above 118.00.
Traders' Sentiment
Market sentiment remains bearish, now with 57% of traders holding short positions. The portion of sell orders remains unchanged at 59%.
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