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    USD/JPY regains momentum

    © Dukascopy Bank SA
    "Yellen's latest statements were taken as dovish more or less. But the removal of the word 'patient' at the March meeting now looks certain, and that would provide an opportunity to buy the dollar again."
    - Mizuho Bank (based on Reuters)

    Pair's Outlook
    The Buck rebounded, although the market reaction was not as strong as anticipated. USD/JPY bounced back through the weekly PP and settled at 118.71. However, the pair pierced through the weekly R1 and met resistance several pips before 120. Technical studies are suggesting the pair is likely to fall in the short-term, while the longer-term indicators are giving bullish signals. Closest resistance for the rebound is located between the 55 and 20-day SMAs.

    Traders' Sentiment
    Although not as pronounced as yesterday, but the traders' sentiment remains bullish, as the long positions take up 59% of the market. Meanwhile, the number of buy orders in the 100-pip range from the spot price surged 10 percentage points to 69%.

    © Dukascopy Bank SA

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