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"The Fed story will continue and push the dollar higher against the yen."
- ABN Amro Group NV (based on Bloomberg)
Pair's Outlook
The USD/JPY managed to appreciate for the third day in a row yesterday, with the weekly PP preventing the pair from further gains. Even though a decline failed to occur on Wednesday, technical indicators insist the Greenback is to weaken against the Japanese Yen today. The weekly PP is reinforcing that view, as it prevented the Greenback from climbing higher through most of the week. The nearest support is represented by the up-trend, the Bollinger band and the weekly S1 around 119.50, but trade is likely to close above the major level of 120.00.
Traders' Sentiment
Bearish traders' sentiment remains unchanged at 59%, while the number of purchase orders lost four points down to a total of 57%.
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