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- IHS Markit (based on Business Recorder)
Pair's Outlook
Wednesday was a rather productive day for the USD/JPY currency pair, being that it rallied more than 100 pips and, thus, preserved the ascending channel pattern. Consequently, another close in the green zone is the anticipated outcome today, with weekly R2, the channel's upper border, the Bollinger band and the 23.60% Fibo forming a strong resistance area around 113.90. This cluster is expected to be difficult to overcome, but a successful breach is likely to allow the Buck to prolong its bullish momentum. Meanwhile, technical indicators are bolstering the possibility of the positive outcome, as they retain bullish signals.
Traders' Sentiment
For the third consecutive day there are 67% of traders with a negative outlook towards the US Dollar. At the same time, the share of sell orders added 4% points, having risen to 58%.
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