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- Yunosuke Ikeda, Nomura Holdings Inc. (based on FXStreet)
Pair's Outlook
Friday ended with the USD/JPY currency pair experiencing a small setback in its bullish trend. After rallying more than 200 pips during the previous week the given pair now has sufficient room for a decline or two. The weekly pivot point now represents immediate support at 117.13, but the up-trend rests at the 116.00 major level, also being bolstered by the weekly S1. The trend-line is the main target, as the US Dollar is likely to keep falling due to investors taking profit from the recent rallies. Technical studies, however, are unable to confirm this outlook, as they keep giving bullish signals.
Traders' Sentiment
There are 56% of traders holding short positions today, whereas the portion of orders to sell the Buck lost three percentage points, having fallen to a total of 54%.
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