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"The NFP numbers brought the conversation back to the normal market talk. There is now more of a focus on the Fed again, while people wait to see what happens with Greece later on."
- State Street Global Markets (based on CNBC)
Pair's Outlook
The American Dollar overperformed the Japanese Yen on Wednesday, as it breached through the immediate resistance cluster around 123.00. The USD/JPY skyrocketed to 123.33, with the 20-day SMA limiting the gains. Right now the pair is stuck between the 20-day SMA and monthly PP, but is likely to break out of the cage to the upside later today. Unless the fundamental data disappoints, we could see a hike up to the 124.00 major level, which is also bolstered by the weekly R1.
Traders' Sentiment
Bullish market sentiment returned to its Monday's level of 73%, whereas the share of purchase orders declined from 68 to 61%.
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