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- Citigroup (based on Bloomberg)
Pair's Outlook
On Thursday the US Dollar managed to appreciate against the Japanese Yen for the fourth consecutive time, but with gains barely exceeding 35 pips. Technical indicators are no longer giving bearish signals in the daily timeframe, suggesting that the Buck could prolong its recovery for another day. Moreover, even though volatility edged below the weekly PP of 102.69, the pair still failed to closed below that area this week; therefore, in case bears push the USD/JPY pair lower, the exchange rate will doubtfully fall beyond the weekly PP. Meanwhile, the nearest resistance rests around 104.70, represented by the monthly PP and the 20-day SMA.
Traders' Sentiment
There are 57% of traders being long the US Dollar today, while the share of buy orders inched down from 75 to 56%.
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