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- BBH (based on 4-traders)
Pair's Outlook
A spark of risk-aversion caused the USD/JPY pair edge lower on Wednesday, thus, fully breaking the three-week up-trend. However, the 100-day SMA and the weekly S1 just above the 103.00 major level appear to be forming a strong demand area, which is likely to prevent the Greenback from sustaining more losses. There is still room for a decline of approximately 30 pips, but the daily outlook remains optimistic. Technical indicators are also in favour of a positive outcome, as they retain bullish signals today. In case of a bullish development the Buck has the potential to reclaim the 104.00 level, unless the weekly pivot point at 103.88 limits the gains for the third consecutive day.
Traders' Sentiment
Market sentiment remains bullish at 61%, whereas the share of buy orders increased from 54 to 62%.
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