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"The overnight session witnessed the long overdue consolidation in USD."
- CitiFX analyst (based on Reuters)
Pair's Outlook
The Greenback failed to meet expectations, as it slid yesterday after poor US retail sales data. US Dollar tested monthly R1 level and even attempted to reach weekly PP at 120.49; however, a decline turned out to be not as harsh and USD/JPY pair settled at 121.27. Technical studies suggest a hike in Dollar's value today. Taking that into consideration, nearest resistance lies at 121.61, and a stronger cluster is located around 121.83, represented by the upper Bollinger band and 2014 high.
Traders' Sentiment
Both portion of long positions and number of buy commands increased. There are now 56% of longs, while the number of orders set to acquire the Greenback account for 72% of all commands.
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