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- OANDA (based on Business Recorder)
Pair's Outlook
The US Dollar outperformed the Japanese Yen on Monday, with the exchange rate reaching the 55-day SMA, but failing to put the anticipated 106.50 level to the test. Nevertheless, the immediate resistance cluster remains strong, with the USD/JPY pair, technically, expected to undergo a corrective decline today. The nearest support rests only around 103.80, but the 104.50 mark could also prevent the Greenback from edging lower today. Meanwhile, technical indicators are giving bullish signals in the daily timeframe, suggesting that the 107.30 point could be reached, namely the highest level of the immediate resistance cluster.
Traders' Sentiment
Bulls are barely outnumbering the bears, with 51% of traders holding long positions. The portion of purchase orders surged from 49 to 54%.
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