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- State Street Global Markets (based on Reuters)
Pair's Outlook
The USD/JPY's performance brought no surprises at the end of the previous week, with the pair successfully retaking the 101.00 mark. There are doubts that the US Dollar can continue outperforming the Japanese Yen, thus, putting the nine-month resistance line to the test again. Instead the Buck could bounce off from the nearest obstacle, namely the weekly PP, located at 101.33. On the other hand, even though technical studies are also in favour of a bearish development, demand at 100.80, represented by the monthly S1 and the 50% Fibo, could be sufficient to limit the possible losses, while the next target will still be the 100.00 psychological area.
Traders' Sentiment
Today both long positions and buy orders each take up 63% of the market, having risen from 62% and 46%, respectively.
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