- Scotia Capital (based on Reuters)
The US currency remained unchanged against the Japanese Yen on Wednesday, as demand at 113.88 proved to be sufficient to keep the pair elevated. Technically, we might see a rebound, with the exchange rate touching the 115.00 level. The nearest resistance leaves enough room for a rally beyond 116.00; however, impetus to push the pair that high is absent. Nonetheless, the Buck lacks the strength to exit its current , while daily and weekly technical studies keep giving signals, suggesting the USD/JPY currency pair is to attempt and breach the immediate .
Traders' sentiment keeps improving, with 69% of traders being long the Buck, while the share of buy orders skyrocketed from 23 to 68%.