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    USD/JPY struggles to stay above the 2007 high

    © Dukascopy Bank SA
    "The tone in U.S. economic numbers is improving. This reminds investors U.S. rates are moving up later this year and has revived the dollar's appeal since last week."
    - Commonwealth Foreign Exchange Inc. (based on Reuters) 

    Pair's Outlook
    USD/JPY extended its rally for another day, but at a much slower pace than before. However, the US Dollar did surge up to 124.47, almost reaching the weekly R3, but then was pushed back under the 2007 high and stabilised at 123.80. Right now technical indicators are showing bullish signs, suggesting the pair is to rise again today. The Bollinger band and the 2007 high act as an immediate resistance area, but we should not rule out the possibility of a slump back to 123.00, due weak fundamental data expectations.

    Traders' Sentiment
    Bullish market sentiment returned to its Wednesday's level of 56%. The number of buy orders lost 24 percentage points. The commands now also take up 56% of the market.

    © Dukascopy Bank SA

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