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USD/JPY bounces back after attempts to overcome 124

© Dukascopy Bank SA
"They [The Fed] were less committed (to starting rate hikes) than the market was looking for."
- Citi (based on Reuters)

Pair's Outlook
On Wednesday, US Dollar did appreciate versus Yen, but not as much as anticipated. Buck almost managed to reach the 124.50 area, but was pushed back under the resistance around 124. As a result, USD/JPY added only ten pips, but now with risks of plunging in the upcoming days. Several attempts of breaching the mentioned resistance cluster were in vain. Thus, the Greenback is likely to fall, with nearest support at 122.53, represented by  monthly PP and Bollinger band, whereas technical studies are giving bearish signs.

Traders' Sentiment
Today 60% of all positions are long, compared to 52% yesterday, while the buy orders now account for the majority of the market, namely 51%.

© Dukascopy Bank SA

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