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USD/JPY keeps trying to reclaim the 124 level

© Dukascopy Bank SA
"A BOJ easing this year is no longer a clear consensus in the market, which limit any downside risk of USD/JPY into the BOJ meeting this Friday too."
- Nomura (based on FX Street)

Pair's Outlook
Even though USD/JPY reached the resistance cluster around 123.85, the pair was unable to maintain trade at that level. As a result, the exchange rate retreated, making the daily change almost disappear. Since the beginning of the week the Greenback was struggling to pierce through the weekly PP, but today we might see the level taken. The US Dollar is likely to at least reach the 124 major level, while risks of falling back under 123 also exist. Meanwhile, technical studies retain their mixed signals, unable to confirm either scenario.

Traders' Sentiment
Slightly less traders have a positive outlook towards the Buck today, namely 52%, whereas the ration of buy and sell orders is now equal to one.

© Dukascopy Bank SA


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