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- Rochford Capital (based on Bloomberg)
Pair's Outlook
As it turned out, a combination of the 20-day SMA and the weekly PP at 97.72/43 was unable to contain bullishness of the pair that skyrocketed up to the bearish trend-line that is reinforced by the 55 and 100-day SMAs, weekly R1 and by the monthly pivot level as well. Accordingly, there is a good chance the price will rebound from this resistance, especially considering its formidability.
Traders' Sentiment
The attitude with respect to USD/JPY is largely unchanged. The share of bullish positions declined by merely one percentage point, to 69%, meaning that an overwhelming majority of traders continue to anticipate resumption of the Yen's depreciation. Meanwhile, 31% of the SWFX market are in favour of the opposite scenario.
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