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"The dollar has definitely run out of steam for a moment. Still, the fact that the Fed is going to raise rates at some stage this year means we remain constructive."
- Rabobank (based on WBP Online)
Pair's Outlook
Upon reaching weekly PP yesterday, the US Dollar bounced back and appreciated up to 124.08 against the Yen. Furthermore, the bullish momentum is likely to be preserved through Thursday, as technical indicators are giving bullish signals in both the daily and the weekly timeframes. However, the USD/JPY currency pair appears to be stuck between the weekly PP and a resistance cluster around 124.85; thus, it is not expected to leave this trading range today.
Traders' Sentiment
Both net positions and net orders declined over the day. There are only 62% of traders who are long the Greenback (previously 69%), whereas the portion of commands to acquire the Buck lost three percentage points, down to 60%.
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