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- Wells Fargo (based on Business Recorder)
Pair's Outlook
The USD/JPY currency pair did tough the second resistance cluster, as was anticipated, but also managed to stabilise above the 118.00 level, beating expectations. The Greenback is now likely to experience another small rally, with the Bollinger band serving as an immediate support and keeping the pair afloat above 118.00. At the same time, the resistance levels around 118.75, namely the weekly R3 and the monthly R1, is to prevent the US Dollar from climbing over the 119.00 mark and, thus, limit any substantial gains. Technical indicators are also in favour of the positive outcome today.
Traders' Sentiment
There are 56% of traders with a negative outlook towards the Buck, compared to 57% on Thursday. Meanwhile. 57% of all pending orders are to sell the US Dollar, down from 59% yesterday.
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