- Wells Fargo (based on FXStreet)
Even despite higher inflation figures, the US Dollar was unable to edge higher against the Japanese Yen on Friday. Dollar bulls might push the pair higher today, but if not the weekly PP at 113.24, then the cluster around the 114 yen should stop the possible rally. Technical studies, on the other hand, suggest the USD/JPY is to suffer a third consecutive decline, with the nearest support located circa 111.70, namely the monthly S3 and the weekly S1. The Greenback was unable to stabilise that low for more than a year, and no event is expected to push the pair towards that area today.
There are 72% of traders with a positive outlook towards the Buck, while the share of sell orders dropped from 69 to 60%.