Dukascopy - Analytics

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    USD/JPY attempts to retake 124.00, risks falling deeper

    © Dukascopy Bank SA
    "We expect to see good interest to buy the U.S. currency on this pullback and we remain generally bullish."
    - BNP Paribas (based on CNBC) 

    Pair's Outlook
    The USD/JPY currency pair suffered losses on Tuesday, edging below the 124.00 major level once again. Although the US Dollar keeps weakening against the Yen right now, a rebound is expected to take place by the end of the day. The Greenback is approaching the weekly PP support at 123.59, which is likely to turn the tide; while the fundamental data and the technical indicators are bolstering the possibility of a rally today. However, if the fundamental disappoint, we could still see a decline towards a strong cluster around 123.35.

    Traders' Sentiment
    Market sentiment remains bullish, but at 69% (previously 70%), whereas the number of orders to purchase the Buck inched higher from 55 to 63%.

    © Dukascopy Bank SA

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