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Technical Analysis
Daily Technical Analysis for Majors by Dukascopy
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[QUOTE="Anastasia DC, post: 110018, member: 37587"] [B]USD/JPY remains on the back foot[/B] [IMG]https://i.gyazo.com/d8b9b1ce5b9a63598e7dce91b30c8b6e.png[/IMG] [I]"The dollar's uptrend won't resume if the Fed's rate hike pace is once a year. A steepening Japanese yield curve, whether or not the BOJ deepens the negative rate, won't bring back the yen weakening trend." - Sumitomo Mitsui Banking Corp. (based on Bloomberg)[/I] [B]Pair's Outlook [/B] The US Dollar behaved according to expectations on Monday, having fallen back under the 102.00 major level. Overall, the USD/JPY currency pair has been trading in a down-trend for almost a year now, recently putting the descending channel's upper border to the test more frequently. With the resistance being strong, formed by the weekly and the monthly PPs, as well as the trend-line, the 20 and the 55-day SMAs, an upside development is unlikely. Instead, focus should be on the weekly S1 at 101.37, which is the only obstacle on the Greenback's path towards a tough support area around 100.60. [B] Traders' Sentiment [/B] Bulls lost some numbers over the day, as they now take up 60% of the market, compared to 70% previously. As for the purchase orders, their share once again increased, namely from 29 to 51%. [IMG]https://i.gyazo.com/f03cd429b5c164c89f2ef08810ce183e.png[/IMG] [/QUOTE]
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