- TD Securities (based on WBP Online)
The US Dollar completely ignored the positive fundamental data yesterday, as it declined against the Yen. The strong support cluster failed to hold the losses, as the USD/JPY dropped to a daily low in face of the weekly S2. Nevertheless, a rebound is expected to take place today, providing a chance for the Buck to erase Monday's losses. The main target remains the 124.00 psychological level, which could be failed to be reached, as the weekly PP is blocking the path at 123.93. Technical studies retain their bullish signals in all timeframes, suggesting the Greenback is to surge today.
Market sentiment improved again, as 74% of traders are now long the Buck, whereas the share of buy orders slid from 74 to 69%.