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USD/JPY takes another crack at 123

© Dukascopy Bank SA
"The Japanese Yen is being supported by falling equities and market's uncertainty that pushes investors towards safe-havens."
- Valeria Bednarik, FX Street (based on FX Street)

Pair's Outlook
The USD/JPY did fall yesterday, but not as much as anticipated. The pair failed to reach the support at 123.23 and closed trade even higher at 123.59. However, the Greenback is expected to fall under more pressure today, while technical studies are showing mixed signs. The target remains the 123.23 level, namely the weekly PP, a decline to 123 psychological level is also possible if the US fundamentals disappoint. 

Traders' Sentiment
Bulls keep gaining ground, as 63% of positions are long today, compared to 62% yesterday. The number of buy commands remained unchanged at 65%. 

© Dukascopy Bank SA


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