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- IG (based on Reuters)
Pair's Outlook
After a sharp slump on Wednesday the US Dollar succeeded in partially recovering, but the resistance area around 100.80 limited the gains. Today technical indicators keep suggesting the Greenback is to suffer more losses against the Japanese Yen, with the lower limit still being the 100.00 major level, despite the weekly S2 and the Bollinger band forming support at 100.45. However, bulls appear to be refusing to give up, pushing the USD/JPY currency pair higher. In this case gains are likely to be limited by the 101.37 level, namely the weekly S1.
Traders' Sentiment
SWFX traders' sentiment barely changed over the day, as 62% of traders now have positive outlook towards the Buck (previously 63%). At the same time, the number of orders to acquire the US currency lost 14% points, having fallen to 46%.
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