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- OzForex Ltd. (based on Bloomberg)
Pair's Outlook
Among all nearby resistances a combination of the monthly PP and 100-day SMA turned out to be the most formidable, successfully repelling several attacks of USD/JPY since Oct 11. Still, considering that the pair is strongly supported by the 200-day SMA and the up-trend line, it is likely the Dollar will soon resume the surge it started on Oct 8 after hitting the bottom at 96.92.
Traders' Sentiment
The bullish traders have lost yet another percentage point and now amount to 66% of the market. Nevertheless, they are in a distinct majority, meaning USD/JPY is still broadly expected to rise in the future. The distribution between the buy and sell orders is respectively 65% and 35%.
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