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    USD/JPY still plots new course

    © Dukascopy Bank SA
    "Things simply reverted back to dollar-buying, with many in the market swiftly dropping Greece as a factor."
    - Brown Brothers Harriman (based on Reuters)

    Pair's Outlook
    The US Dollar surprised with its performance on Monday, as it appreciated against the Yen instead of declining. Moreover, the two nearest resistance clusters failed to prevent the USD/JPY from rising, while it stabilised at 123.60. All signs are showing towards a possible correction today, but the market is focused on the US fundamental data now, which tends to bring surprises. From the technical point of view, we should see the Buck rally towards 124.20 today, while the fundamental part suggests a correction to 122.85 is likely to occur instead.

    Traders' Sentiment
    Market sentiment weakened again, with 71% of traders holding long positions, while the share of buy orders edged up from 49 to 53%.

    © Dukascopy Bank SA

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