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"The [US] dollar will probably trade in a range of around 122.50 yen to 125.00 yen in the next couple of weeks."
- BBH (based on CNBC)
Pair's Outlook
The USD/JPY currency pair suffered losses on Thursday, with the exchange rate reaching the support cluster at 122.53. However, the trade still closed at the 123 major level, which might cause a rebound today. The nearest resistance still rests around 123.85, represented by the weekly PP and 20-day SMA, keeping the Buck bound in a tight range. Meanwhile, technical indicator keep giving bearish signals, conversely.
Traders' Sentiment
Bullish SWFX market sentiment remains unchanged at 60%, whereas the sell orders took over the majority of the market, namely 51% of it.
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