- Rabobank (based on Business Recorder)
A period of risk-aversion on Friday caused the USD/JPY currency pair to lose more than 60 pips, but without any significant level getting breached. Technical studies retain mixed signals today as well, therefore, the Greenback is expected to be relatively calm during the day. The weekly PP at 102.46 is the closest support, just below the opening price, while the weekly R1 at 103.51 represents immediate resistance. The bullish development is more likely to occur, although more weakness could follow, leading the exchange rate to another retest of the trend-line at 101.53.
There are currently 52% of traders holding long positions, compared to 57% last Friday. Meanwhile, the share of buy orders added seven percentage points, having risen up to a total of 63%.