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- Oanda Corp. (based on Bloomberg)
Pair's Outlook
Even though the US Dollar weakened against the Yen on Thursday, the pair still experienced only an 18-pip loss. As a result, the eight-month down-trend received another confirmation and, technically, should trigger another USD/JPY sell-off. However, according to technical studies, that is not going to be the case, as signals suggest a rally. A breach of the immediate resistance cluster, represented by the weekly R2, the down-trend and the Bollinger band, could allow the Buck to retake the 104.00 level, which was also put to the test yesterday. Meanwhile, other data implies that the Greenback is to negate most of this week's gains, most likely ignoring the nearest support.
Traders' Sentiment
There are 66% of traders with a positive outlook towards the US Dollar today, while the number of buy orders slid from 50 to 43%.
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