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– UOB Group (based on FXStreet)
Pair's Outlook
After experienced some high volatility, the US Dollar suffered another leg down on Wednesday, but managed to remain above the immediate support, namely the weekly S1. Moreover, Donald Trump said nothing to support USD bulls yesterday, causing bears to take over. This USD/JPY weakness is likely to persist today, with the immediate support area around 115.00, namely the weekly S1 and the Bollinger band, being incapable of limiting the losses. Instead, attention should be paid to the second demand cluster, located at 113.50 and formed by the weekly S2 and the monthly S1.
Traders' Sentiment
There are now 54% of traders with a positive outlook towards the US Dollar today, compared to 53% on Wednesday. The portion of purchase orders, however, surged from 55 to 68%.
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