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- Ueda Harlow (based on Business Recorder)
Pair's Outlook
Neither the immediate resistance nor the support areas were pierced yesterday, with the Greenback ultimately remaining relatively unchanged against the Yen. Although the Buck failed to make a solid U-turn, more bearish momentum could still follow today, as the overall trend remains bearish until the key resistance area around 109.00 is breached. Meanwhile, technical indicators are giving bearish signals, also suggesting the USD/JPY currency pair is to suffer a loss today. The main target below currently is the 20-day SMA around 103.14, but it is uncertain whether there is sufficient impetus for a strong decline below 114.00.
Traders' Sentiment
Bulls keep losing numbers, as 61% of all open positions are now long (previously 63%). The share of buy orders edged up from 44 to 59%.
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