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- BBH (based on CNBC)
Pair's Outlook
The USD/JPY currency pair managed to rebound on Wednesday, as market sentiment slightly improved, although the resistance cluster around 121.00 was not reached. The Greenback keeps gravitating towards the major level of 120.00, unable to fully pierce the weekly PP or the 121.00 resistance cluster. Consequently, the US Dollar is expected to bounce back today, showing modest losses and retreating to the 120.00 psychological level or even to the weekly PP at 119.80. Technical studies remain bearish in the daily timeframe, bolstering the possibility of the negative outcome.
Traders' Sentiment
Bulls lost some numbers, as only 45% of all positions are long today. The number of sell orders added six percentage points, up to 68%.
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