- FPG Securities (based on Reuters)
The Greenback overperformed on Friday, as it breached the immediate resistance in face of the 20-day and returned above the major level of 123.00. Today the USD/JPY is supported by the weekly PP and the 20-day , which together should prevent the pair from falling back under 123.00. The nearest resistance is represented by the and the weekly R1 around 123.60, which should later cause the US Dollar to bounce back in order to prolong the consolidation trend between 122.20 and 123.75.
Bears keep growing stronger, as nearly three quarters (74%) of all positions are short. The share of buy orders slid from 65 to 62%.