- Westpac (based on WBP Online)
In spite of the USD/JPY nearly reaching the 100.00 level again yesterday, the pair managed to preserve the broadening falling wedge's support line. Technically, we should see the Greenback recover today, as there is no room for another decline without breaching the trend-line. However, technical studies are no longer giving bullish signals, thus, downside risks cannot be ignored, with the final obstacle around 100.50 failing to keep the US Dollar at bay before the 100.00 mark is reached. On the other hand, the given pair retains the potential to recover and retest the weekly PP at 102.46 in the wake of possible strong fundamental data today.
Bullish traders' sentiment remains unchanged at 74%, but the number of purchase orders slightly declined, namely from 77 to 71%.