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"With few participants today, markets may not move unless the jobs report deviates significantly from forecasts."
- IG Markets Securities Ltd. (based on Bloomberg)
Pair's Outlook
So far the recently established up-trend copes well with the bearish pressure and keeps guiding the pair north. Support at 119.50 is likely to be enough to prevent deeper decline from 120.00, and thus the monthly pivot point may soon be challenged once again. Beyond resistance at 120.00, the objective will be the 2014 high at 122.00. Meanwhile, additional supports are at 119.20 (weekly PP and 100-day SMA) and at 118.20 (weekly and monthly S1s).
Traders' Sentiment
Even more people than yesterday expect the US Dollar to rally against the Japanese Yen. Right now 74% of open positions are long. On the other hand, the percentage of buy orders fell from 60 to 57% compared to the previous report.
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