- CitiFX (based on Reuters)
The Greenback retreated from intraday losses on Monday, after having slumped nearly 150 pips. Today the USD/JPY is located in a rather small trading range between 119.10 and 119.80, the two clusters that attempt to hold the pair's . Technical studies again are not in favour of any specific outcome, whereas the 55-day SMA's breach of the 200-day one to the upside three weeks ago suggests the Buck might soon rebound. However, no sharp movement today is expected, but the momentum is still likely to prevail after an unexpected plunge on Monday.
Less traders are confident in the US Dollar's ability to outperform the Yen, as 61% of them hold short positions (previously 59%).