© Dukascopy Bank SA
– ANZ (based on Reuters)
Pair's Outlook
The Greenback almost completely managed to erase its previous losses on Friday, successfully climbing over the 117.00 yen mark. The post-NFP rally is likely to persist today, allowing the pair to return to its previous consolidation range, namely the area between 116.50 and 118.50, despite the initial hard downside movement last week. Technical indicators are also giving bullish signals, suggesting the Buck is to outperform the Japanese currency this week. The 20-day SMA at 117.18 is the closest resistance, but the pair is seen edging up as high as 117.70.
Traders' Sentiment
Market sentiment remains close to equilibrium, as 51% of traders are long the Buck today (previously 52%). At the same time, the portion of buy orders inched down from 61 to 54%.
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