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USD/JPY attempts to stabilize above 125

© Dukascopy Bank SA
"Some profits were taken on the dollar last weekend, but cash demand remains strong. The feeling in the market is to give 125 yen a try."
- Societe Generale (based on CNBC)

Pair's Outlook
The US Dollar appreciated against the Yen for another day, but was unable to reach the resistance at 125.00. Despite closing trade under the nearest resistance level, the USD/JPY still experienced a significant gain. Technical indicators are giving mixed signals, but we still expect the Greenback to edge higher. Immediate resistance now rests at 125.32, but the pair is likely to settle just over the 125 psychological level.

Traders' Sentiment
Market sentiment among SWFX traders weakened again, as only 53% of traders now hold long positions (previously 54%). The number of purchase orders slid to its Friday's level of 56%, down from 59% yesterday.

© Dukascopy Bank SA


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