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- Takuya Kanda, senior researcher at Gaitame.com Research Institute (based on Market Watch)
Pair's Outlook
The USD/JPY currency pair continued to appreciate on Tuesday, successfully piercing the weekly R1 at 108.70, also reaching the ascending channel's upper border. Right now the Greenback is supported by the Bollinger bond, the weekly R1, the monthly R2 and the channel's lower boundary, preventing the exchange rate from sustaining losses. However, the American Dollar is unlikely to put the resistance area around 110.80 to the test, as there is no impetus present for the Buck to jump that far. Moreover, the channel's upper border could stop further appreciation around the 110.00 level.
Traders' Sentiment
Market sentiment reached a perfect equilibrium today. At the same time, the number of pending orders shifted to the positive side, as 51% of them are to purchase the US currency, compared to 47% yesterday.
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