- Rabobank (based on WBP Online)
Yesterday the USD/JPY currency pair edged closer to the Nov high, but failed to touch the immediate resistance cluster. Today the Yen got the upper hand, as it was boosted by a stronger-than-expected Japanese GDP reading. The cluster around the 123.00 major level, namely the weekly PP and the 20-day , should provide sufficient support, but the momentum could still be regained, with the Greenback touching the upper at 123.55. Meanwhile, technical studies retain their mixed signals, unable to confirm either scenario.
market sentiment returned to last Friday's level of 71%, whereas the share of buy orders inched up from 62 to 64%.