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- Westpac (based on WBP Online)
Pair's Outlook
The American Dollar was unable to outperform the Yen on Thursday, which led to a 55-pip drop in the Buck's value. Moreover, the support line of the broadening falling wedge pattern was pierced yesterday, indicating that more bearish momentum is to come. Today's NFP data could provide the required impetus for another downside development, causing the US Dollar to fall below 100 yen. Although there is a group of supports below that area, risks of even sharper losses are present. Meanwhile, technical indicators are unable to confirm the scenario, thus, the overwhelmingly strong Yen could also begin to weaken.
Traders' Sentiment
Bullish traders' sentiment returned to its Tuesday's level of 73%, while the portion of buy orders lost 20% points, having fallen down to 51%.
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