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USD/JPY closes in on 120

© Dukascopy Bank SA
"Fed Presidents Williams and Lacker both added to the recent chorus of regional Fed presidents suggesting mid-2015 was an appropriate timeframe for rate hikes to begin."
- BNP Paribas (based on Bloomberg)

Pair's Outlook
After a brief stop USD/JPY resumed the advance. The currency pair is confidently approaching a cluster of resistances around 120 implied by the weekly and monthly R1 levels. While there is also likely to be a correction similar to the one observed at 119, the general upward trend should remain intact. The next objective will be the late December lows at 121, followed by the previous year's maximum at 122.

Traders' Sentiment
The bullish sentiment might not be as strong as yesterday, but a significant majority of open positions is nonetheless long, namely 60%. As for the buy orders, their share grew even further compared to the previous report, from 66 to 82%.

© Dukascopy Bank SA


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