- Jun Kato, Shinkin Asset Management (based on Bloomberg)
The US Dollar was able to outperform the Japanese Yen on Thursday, with the 20-day limiting the gains. The same level is acting as the closest resistance today, thus, might trigger a sell-off, erasing most of yesterday's gains. The nearest support rests at 112.11, represented by the weekly PP, but in case bulls manage to push the USD/JPY currency pair over the 20-day , then the current descending channel's upper border is likely to stop the rally. Moreover, this resistance trend-line is also reinforced by the weekly R1. Meanwhile, technical indicators are now giving mixed signals, unable to confirm either scenario.
traders' sentiment returned to its Tuesday's level of 73%, compared to 75% on Thursday. The share of orders to acquire the Buck almost doubled, having grown from 29 to 57%.