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- IHS Markit (based on Reuters)
Pair's Outlook
Friday ended with the Greenback posting solid gains versus the Japanese Yen, with the 115.00 level being easily overcome, as the 114.50 psychological resistance failed to limit the gains. According to technical indicators, the USD/JPY is to keep edging higher today, but with gains unlikely exceeding 100 pips, as the weekly R1 and the upper Bollinger band form a relatively tough resistance area circa 116.35. A bearish development is doubtful, due to the Buck being supported by a four-week up-trend, which in turn is reinforced by the weekly PP, the weekly S1 and the 23.60% Fibo.
Traders' Sentiment
Market sentiment did not change over the weekend, with 60% of traders being short and the remaining 40% being long the US Dollar. At the same time, the share of sell orders increased from 48 to 59%.
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