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    USD/JPY aims for the three-week high

    © Dukascopy Bank SA
    "USDJPY (120.17) has also been steadily moving upwards and may re-test 120.36 on the upside over today and tomorrow. Need to see if it comes back from there towards 119 or breaks above to test 121 in the near term."
    - Kshitij Consultancy Services (based on FX Street)

    Pair's Outlook
    On Monday, the USD/JPY currency pair surged beyond expectations. The 55-day SMA resistance proved to be weaker than expected, unable to slow down the rally. As a result, the Greenback went over the 120 barrier and stabilised at 120.12. Technical studies retain bullish signals, suggesting the US Dollar is to rise again today. Immediate resistance lies at 120.52, namely the weekly R1 and the Bollinger band. However, we should not rule out the possibility of a correction towards 119.85, if the fundamentals disappoint.

    Traders' Sentiment
    The share of bulls lost two percentage points, as 56% of traders are long the Buck today, whereas 72% of commands are now to acquire the Greenback, compared to 71% yesterday.

    © Dukascopy Bank SA

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