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- Mizuho Securities (based on Reuters)
Pair's Outlook
Even though the US Dollar inched higher against the Yen on Monday, the immediate resistance area remained untouched. Today technical indicators suggest the Greenback is to outperform the Japanese currency again, which would also imply a breach of the immediate supply area, formed by the weekly R1 and the Bollinger band. On the other hand, the political factor is the main driver today, thus, the impact on the USD/JPY currency pair could be unexpected. Downside risks are also present, with the support cluster around 103.85 unlikely limiting possible losses.
Traders' Sentiment
Bullish traders' sentiment keeps fading, as today 58% of all open positions are long, compared to 62% on Monday. Meanwhile, the share of buy orders remains unchanged at 55%.
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