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- RBC Capital Markets (based on CNBC)
Pair's Outlook
Since Nov 7 the pair has been unsuccessful at overcoming the monthly R1. Every attempt of USD/JPY to rekindle the rally ended ahead of 99.36, today, however, may be marked with a breach of this strong resistance level, an event that will pave the way towards the September high. Such a scenario is also supported by the daily and monthly technical indicators.
Traders' Sentiment
Seeing that the currency pair has finally recommenced a recovery, many of the traders have been encouraged to bet on the surge of the exchange rate—the share of long positions has gone up by three percentage points since the previous report and the overall popularity of the Japanese Yen has decreased.
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