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- Nomura Holdings (based on Business Recorder)
Pair's Outlook
Once again the US Dollar managed to retain its position above the 117.00 major level, having inched higher against the Japanese Yen yesterday. According to technical indicators, the USD/JPY currency pair is likely to climb higher again. On the other hand, if the bullish scenario prevails the Buck could struggle to reclaim the 118.50 level, as several unsuccessful attempts were made over the last two weeks. Moreover, a strong resistance area is located slightly further, represented by the Bollinger band, the monthly and the weekly R1s. As a result, despite bullish signs, the base case scenario is another decline of approximately 70 pips.
Traders' Sentiment
Market sentiment remains bearish, now at 56% (previously 54%). Meanwhile, the portion of buy orders increased from 50 to 57%.
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