- RBC Capital Markets (based on CNBC)
The Greenback's attempts of edging lower were nullified by a serious obstacle in form of the support cluster around 123.45. Although the USD/JPY erased Monday's gains yesterday, the pair failed to close above the 124.00 target area, as the weekly PP prevented the rally. The US Dollar is likely to outperform the Yen again today, thus, the 124.00 psychological level should be retaken. However, the Buck might still retreat towards 123.55 if the US fundamental disappoint, despite bullish technical indicators.
Bullish traders' sentiment remains unchanged at 74%. At the same time, the portion of commands to acquire the Greenback lost six percentage points. The orders now take up 64% of the market.