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- FPG Securities (based on Reuters)
Pair's Outlook
Although the USD/JPY pair managed to inch higher on Friday, it was unable to climb over the immediate resistance area, where supply remains strong even today. The Buck is in a tight spot between the 106.00 major level and the cluster at 106.50, awaiting for a catalyst to trigger movement. According to technical indicators, the pair is to edge higher again today, but a breach of the resistance area at 106.50 is unlikely. The Greenback might be on the edge of reversing its recently acquired short-term bullish trend, and technical studies support this outlook. The upcoming BoJ meeting on Friday are expected to shine some light on the pair's further performance.
Traders' Sentiment
Bulls are now in the majority, taking up 51% of the market (previously 49%). Meanwhile, the share of sell orders surged from 52 to 73%.
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