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- BBH (based on Reuters)
Pair's Outlook
On the last day of September the US Dollar managed to remain above the 101.00 major level, posting gains against the Japanese Yen for the fourth consecutive day. Despite that rally, further upside potential is still seen as limited, due to a nine-month resistance line located at 101.85, also being bolstered by a number of other resistance levels. Consequently, the USD/JPY currency pair is expected to surge only 55 pips, but technical indicators suggest otherwise. In case bears take over the market, the 101.00 mark is expected to be the bottom floor, with the weekly PP and the 50% Fibo forming support around it.
Traders' Sentiment
There are 62% of all open positions being long today (previously 64%). Meanwhile, 71% of all pending orders are to purchase the US Dollar, compared to 60% on Friday.
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