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- BK Asset Management (based on Reuters)
Pair's Outlook
The USD/JPY currency pair succeeded in remaining above the 100.00 psychological level for another day, but risks of a slump even below that area persist. Technical indicators keep giving bearish signals in all timeframes, suggesting that a set of US fundamental data could disappoint today and drive the Buck lower against the Japanese Yen. The weekly PP, which is now the nearest support, will then most likely fail to hold the losses, with all focus shifting to the support cluster around 99.50, represented by the weekly S1 and the Bollinger band. On the other hand, potential gains will doubtfully exceed the 101.20 mark, where the 20-day SMA coincides with the weekly R1.
Traders' Sentiment
There are now 68% of traders holding long positions, compared to 67% yesterday. The number of buy orders, however, slid from 54 to 52%.
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