‘The dollar is not likely to gain further against the yen, with an expected range around 111 to 115 yen during March.’ – BBH (based on Reuters)
Pair’s Outlook
The USD/JPY currency pair remained almost completely flat on Monday, unable to reclaim the 114.00 major level. The pair remains on the back foot, with the cluster around 113.30 representing the lower boundary of today’s intraday trade and the cluster circa 114.60—the upper border. The Buck is expected to remain within this trading range, but with risks skewed to the downside, as the exchange rate recently jumped away from the ascending channel’s upper boundary. Ultimately, a retest of the 112.30/00 area is expected, which would reconfirm the channel’s support line. Technical studies, however, are unable to confirm either the positive or the negative scenario.
Traders’ Sentiment
Today 61% of traders are long the Buck (previously 59%), while the share of buy orders slid from 56 to 54% during the last 24 hours.
