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- OANDA (based on Business Recorder)
Pair's Outlook
At the end of last week the US Dollar appreciated against the Yen in wake of strong US fundamental data, but ultimately erased all gains, as supply, represented by the immediate resistance cluster, was too tough to pierce. The same area keeps providing resistance today, thus, any upside development is expected to be limited around 106.50. Technical indicators are also in favour of the bullish outcome, but another decline is quote possible, with the lower border being the monthly PP at 104.36 and the 104.50 mark acting as a psychological support as well, bolstering the pivot point.
Traders' Sentiment
For the sixth time in a row bulls lost some numbers, barely remaining in the majority, namely taking up 55% of the market (previously 57%). Meanwhile, the share of sell orders edged down from 70 to 51%.
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