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USD/JPY sets eye on the 124 area

© Dukascopy Bank SA
"While economic growth concerns have been relegated to the back burner amid Greek negotiations, this week's likely firmer economic data should help improve the market's conviction in a September rate hike."
- TD Securities (based on WBP Online)

Pair's Outlook
On the fourth attempt to cross the monthly PP the USD/JPY managed to regain the bullish momentum. The immediate resistance at 123.23 was easily pierced, building more ground to rally on Tuesday. However, technical studies retain their mixed signals, while the 20-day SMA and weekly R1 provide substantial resistance around the 124 psychological level. Nonetheless, if the US fundamentals disappoint today, we might see the Greenback retreat under the 123 major level.

Traders' Sentiment
The share of bulls returned to its last Friday's level of 60%, whereas the number of commands to acquire the Buck added six percentage points. The orders now take up 64% of the market. 

© Dukascopy Bank SA

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