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- State Street (based on CNBC)
Pair's Outlook
According to the technical indicators, the downward pressure should soon subside, finally giving USD/JPY freedom to pursue its bullish goals after two consecutive quarters of poor performance. For the time being the key support at 101.86/75 is holding the bears off, but once this demand area is broken, it will be immensely hard for the currency pair to return to a bullish track. Instead, the buck will be expected to target lower levels, such as 101.20.
Traders' Sentiment
The bulls even further enhanced their advantage—their percentage in the market grew from 72% to 75%, even though the recent behaviour of USD/JPY appeared to be somewhat discouraging for the proponents of a rally.
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