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- Global-info Co (based on Reuters)
Pair's Outlook
The US Dollar successfully rallied against the Japanese Yen on Thursday, managing to prolong the ascending channel pattern for another day. According to technical studies, the USD/JPY currency pair is set for another day of gains; however, there is a solid obstacle on the pair's path around 110.70, formed by the Bollinger band, the weekly R2 and the monthly R3. Technically, the Buck has the potential to overcome the immediate supply area and reach the 111.48 level, namely the channel's upper border.
Traders' Sentiment
SWFX traders' sentiment keeps weakening, as 54% of all open positions are short today, compared to 51% on Thursday. Concerning the pending orders, their share increased from 43 to 52% over the past 24 hours.
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