- Barclays (based on Reuters)
The US Dollar managed to edge higher against the Yen on Monday, with the immediate resistance in face of the weekly PP somewhat limiting the and causing the pair to close only at 120.40. Another decline today is unlikely, as technical indicators shifted from to neutral; however, the nearest support rests only around 119.60, rather far from the spot price, compared to the closest resistance at 120.57, still represented by the weekly PP . Disappointment in US fundamentals, along with the , could trigger the possible sell-off today.
Today 39% of traders hold long positions (35% on Monday). Meanwhile, the number of buy orders increased from 59 to 62%.