- National Australia Bank Ltd. (based on Bloomberg)
The US Dollar remained relatively unchanged against the Japanese Yen on Thursday, amid mixed fundamental data. Today the Greenback is pressured by the monthly PP and the 20-day just above the opening price, while the weekly PP is providing immediate support at 112.53. In case the resistance cluster is breached, gains are then likely to be limited by the descending channel's upper border at 113.23. On the other hand, if bears push the USD/JPY currency pair lower, the second target will be the cluster around 111.55. The scenario is more probable, as technical studies are in favour of this outcome.
There are now 73% of traders holding long positions, compared to 70% on Thursday. Meanwhile, the portion of orders to sell the Buck edged nine percentage points lower, now taking up 64% of the market.