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"Sentiment is driving ‘risk' currencies lower and safe havens higher."
- ANZ (based on WBP Online)
Pair's Outlook
The US Dollar failed to withstand the pressure against the Yen, as pierced the 123.00 major level on Friday. However, the USD/JPY only reached a daily low of 122.60, rather than 122.40. On Monday, trade opened at the 122.40 mark, with light shining upon the Greenback, despite bearish technical studies. The 55-day SMA, located at the same area, is providing solid support, suggesting the Buck is to appreciate today. The immediate resistance now rests at 122.66, represented by the weekly PP, but the 123.00 psychological level might still be reached if the fundamentals are in favour.
Traders' Sentiment
Bullish market sentiment returned to its Thursday's level of 73%, while the share of buy orders edged up from 51 to 70%.
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