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- Mizuho Securities (based on Reuters)
Pair's Outlook
Amid strong US fundamental figures on Wednesday, the American Dollar gained more than 200 pips against the Japanese Yen, thus, climbed over the 23.60% Fibo level, which caused the pair to exit its ascending channel pattern. The Buck now has a chance to not only retake the 115.00 level, but even the 116.00 mark, despite the weekly R2 and the Bollinger band forming relatively strong resistance there. However, the USD/JPY pair is first required to pierce the weekly R1 at 114.70, which appears to be causing setbacks in the Greenback's bullish trend. As a result, a small corrective decline is possible today, but with the 113.00 mark remaining intact.
Traders' Sentiment
There are 61% of traders with a negative outlook towards the US Dollar. Meanwhile, 60% of all pending orders are to sell the US Dollar.
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