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    USD/JPY sets eye on 123

    © Dukascopy Bank SA
    "The June Nikkei manufacturing PMI also climbed to 50.1 (49.9 prev). Despite this, USD-JPY however may however remain responsive to risk/broad dollar cues in the near term."
    - OCBC (based on FX Street)

    Pair's Outlook
    Upon reaching the 122 psychological level, the USD/JPY currency pair was pushed back; however, the Buck still failed to close higher. Ultimately, the Greenback settled at 122.52, giving hopes of a rebound today. Technical studies retain mixed signs, but unless the US fundamental data disappoints, we should see the US Dollar outperform the Yen. Nonetheless, a strong resistance, namely the weekly PP and the 123 major level, is likely to limit the gains.

    Traders' Sentiment
    Both net positions and net orders improved. Currently 74% of traders hold long positions (previously 72%), while 68% of commands are now to acquire the US currency.

    © Dukascopy Bank SA

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