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- St. George Bank Ltd (based on Bloomberg)
Pair's Outlook
Violation of the rising support line has not yet introduced substantial changes into the price action, as USD/JPY remains largely flat, contained by 93.59, the 55-day SMA, from below and by 95, the up-trend resistance, from above. Therefore we consider a bullish scenario to have a greater likelihood of being realised, given the current conditions and positive bias of technical indicators.
Traders' Sentiment
Despite small fluctuations in the ratio between the long and short positions, the general attitude of market participants towards USD/JPY is strongly bullish (71%), being that the U.S. Dollar is the most and the Japanese Yen is the least popular currencies at the moment. However, the dominance of buy orders (61%) over the sell ones (39%) is now less distinct than it was yesterday.
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