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– Bill Northey, chief investment officer of the private client group at U.S. Bank (based on Reuters)
Pair's Outlook
The US Dollar's relatively sharp decline against the Japanese Yen yesterday caused the bearish trend to be reconfirmed. The pair lost 159 pips during Monday, edging closer to its eight-week low; with this psychological support the Greenback has the potential to erase some of yesterday's losses. The supply cluster around 114.00 is likely to limit any substantial gains, as the four-week down-trend rests there, also being reinforced by the monthly S1, the weekly PP and the 55-day SMA. Meanwhile, technical indicators keep giving bearish signals, suggesting the Buck could fall deeper down if Yen's safe-haven status triggers demand.
Traders' Sentiment
There are now 53% of traders with a positive outlook towards the Buck (previously 48%), while 60% of all pending orders are to buy the USD.
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