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– UOB Group (based on FXStreet)
Pair's Outlook
The US Dollar weakened against the Japanese Yen for the fourth consecutive day yesterday, as the immediate support lacked the strength to limit the losses. At this point it is quite difficult for the Greenback to outperform the Yen, as trade opened just under the Bollinger band and the weekly S1 resistance area. Moreover, a possible down-trend rests at 115.92, just under the monthly PP, which kept the pair at bay for two weeks now; however, the trend-line requires an additional confirmation to be fully realised, which a 120-pip rally could provide. Nevertheless, risks are still skewed to the downside, with the monthly S1 at 113.74 being the closest support.
Traders' Sentiment
There are now 53% of traders holding short positions (previously 46%). Meanwhile, the number of buy orders edge down from 68 to 65%.
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