- Nomura Bank (based on FXStreet)
On Thursday the US Dollar edged lower against the Japanese Yen , somewhat breaching the up-trend. As a result, price opened further away from the up-trend and risks falling even deeper down, as the 20-day at 122.57 is currently weighing on the pair. The nearest target to limit the dips is around 122.05, represented by the weekly S1 and monthly R1, but technical indicators keep giving signals. The nearest resistance in face of the weekly PP remained unconquered through all of the week and is expected to prevent the USD/JPY from recovering.
Bears remain in the majority, as 73% of traders are short the Buck. Meanwhile, the portion of buy orders increased from 56 to 63%.