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USD/JPY gives another shot at settling over 125

© Dukascopy Bank SA
"Our end-2016 forecast for the yen is ¥140 against the dollar, while we expect the Nikkei to climb to 23,000."
- Capital Economics (based on WBP Online)

Pair's Outlook
The 124 psychological level provided enough support to cause the US Dollar to rebound yesterday. Although the Greenback did bounce back and pierce through the 2007 high yesterday, it was still unable to reach the target level of 125. USD/JPY stabilised at 124.30; however, the pair is likely to climb up again today and attempt to reclaim the 125 psychological area. Weekly R1 retains its role as the closest resistance, but remains out of reach. Meanwhile, technical studies keep showing bullish signs, bolstering the positive outcome.

Traders' Sentiment
Bullish market sentiment remains unchanged at 54%, whereas the share of purchase orders added 18 percentage points. The commands now take up 73% of the market.

© Dukascopy Bank SA


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