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- State Street Global Markets (based on CNBC)
Pair's Outlook
USD/JPY continues to be largely inactive, trading just above the support at 104.09/00. Nonetheless, considering that most of the trading indicators of the weekly and monthly charts are bullish, eventually the currency pair is expected to gain upward momentum, while aiming for the rising resistance trend-line at 106.57/07. On its way there the price will have to overcome the weekly R1 at 105.15.
Traders' Sentiment
It is noteworthy that the percentage of short positions (presently 58%) open on USD/JPY is currently well-below the 10-day average (63%) and keeps on declining. At the same time the amount of the buy orders placed on the currency pair is on the rise—right now they constitute 74% of the total.
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