© Dukascopy Bank SA
- Deutsche Bank AG (based on Bloomberg)
Pair's Outlook
The Yen was outperforming the US Dollar through most of Friday, when a set of poor US fundamental data only added more oil to the flame. As a result, the USD/JPY pair almost completely erased preceding gains, managing to remain above the 101.00 major level. Demand at the 101.00 mark remains strong and should prevent the Greenback from falling deeper down today, despite technical indicators retaining bearish signals in all timeframes. However, a substantial rally is also unlikely, as the nearest resistance lies not far from today's opening price, namely at 101.60. On the other hand, in case the bearish momentum prevails, the weekly S1 at 100.55 is the nearest support.
Traders' Sentiment
There are 61% of traders being long the Buck today (previously 62%), whereas the portion of buy orders dropped down from 54 to 40%.
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