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- FX Prime (based on Market Watch)
Pair's Outlook
The Greenback managed to edge higher against the Japanese Yen for the third consecutive day yesterday, therefore, exiting its nearly three-week consolidation trend. As a result, the Buck now has the potential to reach a new three-month high, with the closest obstacle being the 105.10 level, where the weekly R2 and the upper Bollinger band are located. Technical indicators are bolstering the possibility of the bullish outcome, as they keep giving respective signs. Moreover, despite the USD/JPY pair experiencing some stagnation in the past few weeks, since the end of September the overall trend has been clearly bullish, with the trend-line remaining intact.
Traders' Sentiment
Bulls take up only 55% of the market today (previously 56%), while the portion of buy orders slid from 59 to 56% over the day.
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