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"One point is nevertheless becoming increasingly clear - the odds of a June hike have declined further and the odds of a hike later in the year are rising."
- TD Securities (based on WBP Online)
Pair's Outlook
The Greenback keeps surprising with its performance, as USD/JPY unexpectedly edged up yesterday. The Buck tested 120.81, the upper Bollinger band, before ending the trading session at 120.55. Nonetheless, a decline is still viewed likely on Friday, and the bearish technical indicators are bolstering this outcome. Immediate support rests at 120.11, but the US Dollar may not fall this far. In the meantime, the long-term bias for the pair remains positive.
Traders' Sentiment
SWFX traders' outlook towards the Greenback remains positive, as 74% of participants are long the Dollar (previously 70%). At the same time, the portion of buy orders edged up from 62 to 67%.
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