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- FPG Securities (based on Reuters)
Pair's Outlook
Although the USD/JPY currency pair completely erased Wednesday's losses yesterday and stabilised on top of the weekly PP again, technical indicators in all timeframes still suggest that more bearish momentum is to come. The 101.00 major level should be the bottom today, also being bolstered by the weekly S1. However, US fundamentals tend to surprise with strong figures, and another such surprise could trigger a rally today. The 102.50 mark should technically prevent the exchange rate from climbing higher, even though the nearest resistance lies circa 103.00.
Traders' Sentiment
Bullish market sentiment remains unchanged at 62%, but the share of purchase orders added 13 percentage points, having risen up to a total of 54%.
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