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- UOB Group (based on FXStreet)
Pair's Outlook
The Buck appreciated more than 100 pips against the Japanese Yen on Thursday, moving the opposite way of the expectations. The USD/JPY pair breached a strong resistance cluster yesterday, which is now providing immediate support, suggesting more bullish momentum is to follow. Technical indicators are bolstering this possibility, as they keep giving bullish signals in the daily timeframe; however, the 107.00 psychological level could be difficult to retake, as the pair was unable to edge beyond this area since July 2016. Consequently, downside risks persist, especially since longer-period technical studies shifted to the bearish side.
Traders' Sentiment
Market sentiment remains bullish at 60% today, but all pending orders are now equally divided between the buy and the sell ones.
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