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- Forex.com (based on Business Recorder)
Pair's Outlook
The USD/JPY currency pair remained flat yesterday, but experienced a rather sharp sell-off in the beginning of Tuesday, amid the return of risk-aversion. Technical indicators also point to the Buck's bearish outcome today, but the pair still has the potential to recover from its intraday lows if today's US inflation data surprises with strong figures. Moreover, the 101.00 psychological support remained intact for two weeks, despite volatility stretching lower. Downside pressure could lead the US Dollar even below the weekly S1, namely the nearest support, with the pair then once again facing the 100.00 mark.
Traders' Sentiment
Today 64% of all open positions are long, compared to 61% on Monday. Moreover, the number of orders to buy the Greenback surged dramatically, having risen from 40 to 83% over the past 24 hours.
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