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USD/JPY keeps clearing the path to Dec 2002 high

© Dukascopy Bank SA
"While the move by the PBOC highlights the risks to the U.S. outlook, we retain our call for a September hike, but believe the probability has fallen somewhat, as the move may raise FOMC concerns about global growth and inflation pressures."
- Barclays (based on CNBC)

Pair's Outlook
The Greenback appreciated against the Japanese Yen for the second time yesterday, reaching a fresh nine-week high. Furthermore, the resistance around 125.00 was pierced, which is now providing rather strong support. Consequently, the US Dollar is expected to outperform the Yen for the third consecutive day, with gains limited by the monthly R1 at 125.48. Furthermore, the Buck is once again approaching the December 2002 high at 125.84, which could soon be pierced if the bullish momentum gets preserved.

Traders' Sentiment
Market sentiment slightly improved, as 72% of all positions are now long (previously 71%), while the portion of buy orders declined 18 percentage points. The commands now take up 54% of the market.

© Dukascopy Bank SA


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