- Commerzbank (based on CNBC)
Even though the USD/JPY currency pair remained relatively unchanged on Wednesday, its four-pip rally still confirmed the up-trend. The outlook, therefore, remains unchanged, as the Buck should follow the trend and appreciate against the Yen again today. The up-trend is also supported by the monthly S2, creating a cluster around 117.65, while the closest resistance is represented by the weekly PP at 118.30. However, risks of edging lower persist, as technical studies retain their signals; along with weak fundamentals, price could be pushed down to 117.20 or even lower.
Today 61% of traders are short the US Dollar (previously 59%), whereas sell orders are now outnumber the buy ones by 4% points.