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- Western Union Business Solutions (based on Reuters)
Pair's Outlook
Just before touching upon the resistance at 103.74/39 USD/JPY turned around and plunged back to 102.08. The upward-sloping support line there should remain intact for the near-term positive outlook to stay valid, otherwise the price may sharply drop down to the Sep high at 100.62. Meanwhile, the technical indicators on daily and monthly charts are strongly bullish.
Traders' Sentiment
Currently the distribution between the longs and shorts is 55% to 45%, meaning there is a slight advantage of proponents of a rally in the exchange rate at the moment. Concerning the orders set on USD/JPY, a substantial majority (76%) of them are to purchase the greenback against the Yen.
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