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"Yen May Not Weaken Much Further On A Real Effective Exchange Rate Basis."
- Haruhiko Kuroda, head of BoJ (based on WBP Online)
Pair's Outlook
On Tuesday, the USD/JPY currency pair slid for the second consecutive day. The weekly S1 managed to limit the losses, but more weakness is expected today. During morning hours the US Dollar has already plunged below 123 major level, but is now being pushed back. The Greenback is likely to stabilise around 124 psychological level, even though technical studies retain bullish signals in the daily timeframe. However, the bearish trend should end today, whereas the Buck is to recover losses by week's end.
Traders' Sentiment
SWFX traders' sentiment slightly weakened, as only 53% of all positions are now long, while the buy/sell order ratio is now equal to one.
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