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"The (recent) stagnation of dollar/yen has hidden an underlying weak yen trend."
- Standard Chartered (based on CNBC)
Pair's Outlook
On Thursday, the US Dollar suffered losses, amid worse-than-expected fundamentals. However, the Bollinger band at 121.04 managed to stop the USD/JPY pair from falling too deep. Further weakness is expected today, and the Greenback is not just likely to fall under 121 area again, but even pierce the two closest supports, while trade should close around 120.50. Meanwhile, technical studies retain mixed signals, unable to confirm the scenario.
Traders' Sentiment
Bullish market sentiment returned to its Wednesday's level of 60% (previously 58%). The number of buy orders added four percentage points. The commands now account for 69% of the market.
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