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"The greenback has been trading primarily on risk appetite and the next big move for the dollar will most likely be driven by the outcome of the Greek referendum."
- BK Asset Management (based on WBP Online)
Pair's Outlook
Although the US Dollar attempted to appreciate against the Yen yesterday, it still suffered losses and declined towards the weekly PP near the 123.00 major level. Due to lack of movers, the USD/JPY is likely to remain flat today and remain within the borders of the weekly PP and 20-day SMA. Nevertheless, risks of edging lower exist and the pair could reach as low as 122.40 by the end of the day, as technical studies are showing bearish signals in the daily timeframe.
Traders' Sentiment
Although not as strong as yesterday, but market sentiment remains bullish at 69% (previously 73%). The number of buy orders lost ten percentage points; the commands now take up 51% of the market.
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