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    USD/JPY struggles to breach resistance cluster

    © Dukascopy Bank SA
    "I think that many of the fundamental factors underlying U.S. economic activity are solid and should lead to some pickup in the pace of economic growth in the coming years. In particular, I anticipate that employment will continue to expand and the unemployment rate will decline further."
    - Janet Yellen, Fed Chair (based on Market Watch)

    Pair's Outlook
    The USD/JPY currency pair almost met expectations, as it appreciated on Friday and negated weekly losses. However, the pair slightly overperformed, as it closed trade at 122.76, rather than at 122.70. Today, due to a trade gap, the US Dollar remains under the Friday's resistance cluster, which is likely not to only limit the gains, but cause the tide to turn as well. Meanwhile, technical studies retain their bearish signals, suggesting the Greenback is to decline towards 122.00 against the Yen.

    Traders' Sentiment
    The share of bulls returned to its Thursday's level of 74%, whereas the sell orders now take up the majority of the market, namely 51%.

    © Dukascopy Bank SA

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