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- State Street Global Markets (based on Reuters)
Pair's Outlook
The weekly PP and 20-day SMA failed to provide sufficient support in order to help the Buck outperform the Yen. As a result, the USD/JPY lost 14 pips and risks falling even deeper down today, as the mixed Chinese data boosted the Japanese currency. Furthermore, several Fed officials backed the Fed rate hike delay view, weakening the Greenback even more. The monthly PP is now the immediate support, but a cluster around 119.70 is stronger. Meanwhile, technical studies are giving bearish signals, also suggesting the Buck is to suffer more losses today.
Traders' Sentiment
There are now 74% of long positions, compared to 71% yesterday. The portion of purchase orders also increased, from 59 to 65%.
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