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    USD/JPY: strong rebound from 119.00

    © Dukascopy Bank SA
    "The euro is being driven lower against the dollar on Greek problems, and that in turn is firming the dollar against the yen."
    - SMBC Friend Securities Co. (based on Bloomberg)

    Pair's Outlook
    As expected, a dense demand zone around 119.00 prevented extension of the losses and turned the recent downward trend around. As a result, USD/JPY is now attacking the weekly R1, and the upward momentum should continue to evolve. The main challenge for the bulls is anticipated at 122.00, which has already stopped advancement of the pair on two occasions: in December and in the first half of March.

    Traders' Sentiment
    The latest rally of USD/JPY seems to have encouraged more bulls to enter the market. Now they constitute 73% of all traders. However, there might be a lack of demand going forward, being that only 52% of pending orders set nearby are buy ones (64% yesterday).

    © Dukascopy Bank SA

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