‘There is certainly a bit more bullishness in the yen over the last two weeks and we are seeing that continue.’ – Silicon Valley Bank (based on Business Recorder)
Pair’s Outlook
As was anticipated, the US Dollar weakened against the Japanese Yen for the seventh day in a row yesterday, but with losses slightly exceeding expectations. The given pair closed below the monthly S1, managing to retain its position above 111.00, where demand could now trigger a rebound. Technical indicators in the daily timeframe are unable to confirm this possibility, but the weekly ones are giving bullish signals. Although, technically, the Buck should now experience a bullish correction, we should not rule out the possibility of bears continuing to push the exchange rate lower, with the nearest significant support being only around 110.00.
Traders’ Sentiment
There are 69% of all open positions being long today (previously 64%), while 51% of all pending orders are to sell the US Dollar.
