© Dukascopy Bank SA
- Barclays (based on Market Watch)
Pair's Outlook
The USD/JPY currency pair brought no surprises on Tuesday, as it slumped towards the second support area near 119.70. Meanwhile, Chinese data keeps disappointing, thus, strengthening the Yen; even though technical indicators are now showing mixed signs, the Greenback risks falling deeper today. However, the Buck has been in a consolidation trend for almost five weeks now and closed trade at the lowest in that period, suggesting there could be a rebound, despite poor fundamental data expectations. The weekly S1 and Bollinger band keep providing support and could stimulate a surge.
Traders' Sentiment
Bullish market sentiment returned to last Thursday's level of 72%, while the share of orders to buy the Buck increased from 65 to 76%.
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