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USD/JPY Analysis: Kicks Off To The Downside

‘The dollar fell 0.3 percent against the yen to 112.19, pulling away from a seven-week high of 113.045 yen set on Thursday. ‘ – Masayuki Kitano (Based on Reuters)

Pair’s Outlook

A confirmation of the previously established bounce off the senior channel down pattern on the daily chart came on Friday morning as the pair continued its way towards areas below further away from any upside risks. The pair is now likely to eye the support at 111.82 as a decent target, as it has already penetrated the 112.35 area which was the immediate support amid opening. Upside risks are currently limited to 112.84 where the upper trend-line of the channel is strengthened by the monthly R1.

Traders’ Sentiment

Market sentiment has entered bearish territory as 58% of all open positions are short and the remaining 42% are long. At the same time, the number of orders to buy the Buck slipped from 48% to 42%.

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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