- Bank of Tokyo-Mitsubishi UFJ (based on WBP Online)
A strong reading of yesterday's US Import Prices helped the USD/JPY pair to preserve the up-trend and stabilise at the highest level this week. The Buck, however, struggled to climb over the weekly PP , which acted as the immediate resistance and limited the . A breakout of the current trading range is expected, with the prevailing. Nevertheless, the immediate support in face off the up-trend and the monthly S2 around 117.70 remains strong, which in turn could even cause a rebound and a breach of the weekly PP at 118.30. Technical studies, on the other hand, retain signs.
Today 62% of traders hold short positions, whereas sell orders outnumber the buy ones by only 2% points (previously 4% points).