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"I'm convinced that even after this selloff, the dollar has a solid base against the yen because people are buying on dips."
- Global-info (based on Reuters)
Pair's Outlook
Yesterday, the US Dollar suffered a large loss, not seen for at least a month. Despite the expectations USD/JPY dropped 125 pips amid the dovish statement of the Fed. Several significant supports failed to prevent the pair's decline, as it even tested the 119.23 level. Ultimately, the Greenback settled around the 20-day SMA. The technical studies suggest a rebound today, while closest strong resistance lies around 120.60.
Traders' Sentiment
Bulls retain substantial advantage over bears, as 59% of traders are long. The position of buy orders weakened. Now 69% (80% yesterday) of all pending orders are set to acquire the Dollar.
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