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- Bank of Tokyo-Mitsubishi (based on FXStreet)
Pair's Outlook
The USD/JPY pair was unable to post anymore gains at the end of the previous week, once again crossing the 114.00 threshold to the downside. Nevertheless, technical studies point to a clear bullish development this week, suggesting the US Dollar is to make a U-turn today. Indeed, the weekly pivot point just below today's opening price is providing rather strong support, which could help the Buck regain the bullish momentum. However, the USD/JPY currency pair is still required to retake the 114.00 mark, meaning the 23.60% Fibo there needs to be pierced. In case the Greenback is successful, the next target will be the weekly R1 at 115.14.
Traders' Sentiment
Traders remain bearish on the US Dollar, being that 59% of all open positions are short. The share of buy orders edged up from 45 to 51%.
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