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    USD/JPY aims to climb over 119

    © Dukascopy Bank SA
    "I think the range-bound trading will be continuing for the dollar/yen, with the upside at 120 and the downside at 118."
    - Kaneo Ogino, Global-info Co (based on CNBC)

    Pair's Outlook
    On Friday, the US Dollar slumped more than anticipated. The two closest supports could not stop the USD/JPY pair from declining. As a result, the Greenback crossed the 119 level and closed trade at 118.96. A slight correction is expected to take place on Monday. The nearest resistance now lies around 119.20, represented by the weekly PP and the 100-day SMA, although the pair is unlikely to climb up so high. The target correction level is 119.10, while technical studies still give off mixed signals.

    Traders' Sentiment
    Market sentiment maintains its bullish trend at 72% (previously 74%), whereas the number of purchase orders is now in the majority. The buy commands now take up 53% of the market.

    © Dukascopy Bank SA

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