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- Sumitomo Mitsui Trust Bank (based on Reuters)
Pair's Outlook
The supports continue to resist immense selling pressure, but are slowly being eroded. Yesterday USD/JPY closed beneath the up-trend support that connected the troughs since this year's February. Now the currency pair has approached a cluster that consists of various levels, including a falling line, monthly S1 and weekly S1, even though long-term indicators are suggesting U.S. Dollar's appreciation in the future.
Traders' Sentiment
Most of the market participants are currently holding long positions on USD/JPY, even though lately the currency pair has been failing to rekindle bullish activity despite the presence of strong supports nearby. The distribution among the buy and sell orders is 69% and 31% respectively.
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