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    USD/JPY takes another crack at 125

    © Dukascopy Bank SA
    "The upshot is that the currency should continue to depreciate, which would lift the yen-value of exports and repatriated earnings from overseas subsidiaries."
    - Capital Economics (based on WBP Online)

    Pair's Outlook
    In spite of all expectations, USD/JPY declined yesterday. The worse-than-expected US fundamental data weighed on US Dollar, forcing it to lose ground and fall back under the 2007 high. However, this was likely just a setback in the Greenback's bullish trend, as the Buck is expected to rebound today. The 2007 high is to be left behind once more, but the nearest resistance rests beyond hand's reach. The 125 psychological level is the target, while technical indicators are now giving bullish signals, bolstering the positive outcome.

    Traders' Sentiment
    Bullish SWFX sentiment returned to its Monday's level of 54%, whereas the share of purchase orders slid one percentage point to 55%.

    © Dukascopy Bank SA

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