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    USD/JPY struggles to overcome 123 area

    © Dukascopy Bank SA
    "With U.S. interest yields looking to move up, that has been supportive of the dollar against the yen."
    - Action Economics (based on Reuters) 

    Pair's Outlook
    On Tuesday, the US Dollar skyrocketed and crossed the two closest resistance clusters. During the trading session the Greenback managed to reach the 2007 high, but was pushed back and, eventually, closed trade at the 123 psychological level. Technical indicators are showing bullish signs, suggesting the USD/JPY will surge again. However, a strong resistance cluster lies on the way around 123.10, which might force the pair to bounce back, as the Buck already failed to pierce the 2007 high again today.

    Traders' Sentiment
    Long positions lost one more percentage point, now taking up 56% of the market. The number of buy orders also decreased, from 71 to 62%.

    © Dukascopy Bank SA

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