- Eisuke Sakakibara, former Finance Ministry official (based on Market Watch)
Yesterday the weekly pivot point prevented the US Dollar from outperforming the Japanese Yen, but the 104.00 was not reached. The weekly PP is expected to keep the USD/JPY pair at bay, but this time the 104.00 level might fail to keep the Greenback elevated. The closest support is located at 103.34, represented by the monthly S2, while the overall bottom target lies around 102.40, formed by the broadening falling wedge's support line and the Bollinger band. Meanwhile, technical indicators in all timeframes suggest the given pair is to sustain a loss, bolstering the outlook.
Bulls remain strong, taking up 72% of the market today, compared to 71% on Wednesday. At the same time, there are 65% of all pending orders to acquire the US Dollar today.