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"USD/JPY has broken an uptrend support line which has been in place since January and it just seems the pressure could mount in the near term."
- IG Securities (based on WBP Online)
Pair's Outlook
Even though USD/JPY fell, the decline was not significant, and the pair's attempts to reach the support cluster at 119.00 turned out unsuccessful. However, the US Dollar still dropped 26 pips and settled at 119.47. The technical studies retain their mixed signals, although the Greenback will probably weaken after the Unemployment Claims data release later today (unless the figures decrease). As a result, the 119.00 floor might be breached, although the Dollar is likely to close around this level.
Traders' Sentiment
Bullish market sentiment strengthened, as 65% (previously 63%) of traders are now long the Buck. The share of purchase orders grew as well, from 62% to 69%.
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