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- IG Securities (based on Reuters)
Pair's Outlook
The Japanese Yen overperformed on Thursday, as the USD/JPY currency pair dropped to the 105.80 level, rather than finding support at 106.00. Nevertheless, the anticipated decline took place, leaving the Greenback under a set of resistances once again. The 38.20% Fibo and the 55-day SMA are now likely to prevent the Buck from edging higher, with risks of the 105.00 major level getting pierced again present. Despite the negative outlook, technical indicators in the daily timeframe retain bullish signals, but yesterday's losses are unlikely to be erased completely even if bulls manage take over.
Traders' Sentiment
Bears are now in the majority, but taking up only 51% of the market (previously 50%). The number of sell orders also takes the larger part of the market, namely 52%, compared to 45% on Thursday.
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