Dukascopy - Analytics

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    USD/JPY attempts to climb over 124.00

    © Dukascopy Bank SA
    "In the session ahead, we have another day of testimony from Yellen - this time in front of the Senate - but she is unlikely to change her tune or wade into deeper waters after her first day."
    - FXCM (based on CNBC)

    Pair's Outlook
    The US Dollar underperformed yesterday, as it was unable to reach the target price level. Moreover, the Greenback tested only the 124.00 major area, which limited the daily gains. The American Dollar is expected to receive another boost today, bringing the pair closer to the resistance cluster around 124.45, namely the weekly R2 and the upper Bollinger band. However, if the fundamental data disappoints, we could see the pair retreat to the support area around 123.45 instead.

    Traders' Sentiment
    Although not as strong as yesterday, but market sentiment remains bullish at 73% (previously 74%). At the same time, the number of orders to buy the Buck edged up from 61 to 69%.

    © Dukascopy Bank SA

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