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-Sumitomo Mitsui Asset Management (based on Bloomberg)
Pair's Outlook
USD/JPY finally breached a 100 benchmark after improvement in the U.S. labor marker was announced. The pair stepped higher from the 20-day SMA at 98.91, breached the weekly R1 at 99.92 and was suspended for a while around a 100.60 level, where the monthly R1 merges with the upper Bollinger band. Considering further appreciation, the pair has a huge support from analysts, who say that it should quickly reach 104 and 110 by the end of the year.
Traders' Sentiment
Bulls keep their dominance in the market, as the buy side still has a share of 72%. Waiting orders market is skewed towards the bullish side, since 69% of orders are ready to buy the U.S. Dollar.
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