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USD/JPY fails to pierce 124; 123 in sight

© Dukascopy Bank SA
"The US dollar remains within a consolidation phase in the near-term which may continue until the Fed moves closer to raising rates, which is likely to provide a trigger for a further strengthening of the US dollar."
- Bank of Tokyo-Mitsubishi UFJ (based on WBP Online)

Pair's Outlook
On Wednesday, the US Dollar remained relatively unchanged against the Japanese Yen. However, the edged closer to the 124.50 level during the trading hours, which was supposed to provide resistance. Nevertheless, the Greenback is likely to decline today and possibly retreat to the 122.50 level, which prevented the pair from falling in several occasions. If the US fundamentals provide much worse-than-expected data, the USD/JPY might even reach a strong support cluster around 122. 

Traders' Sentiment
Bullish market sentiment remains unchanged at 62%, whereas the share of buy orders inched up from 60 to 65%. 

© Dukascopy Bank SA

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