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    USD/JPY gives 124.00 another shot

    © Dukascopy Bank SA
    "The Fed may use the July FOMC statement to set up the September hike, by nudging the market further with tweaks to the language. Most likely this comes from the upgrades to economic conditions in the first paragraph."
    - TD Securities (based on WBP Online) 


    Pair's Outlook 
    The US Dollar completely ignored the positive fundamental data yesterday, as it declined against the Yen. The strong support cluster failed to hold the losses, as the USD/JPY dropped to a daily low in face of the weekly S2. Nevertheless, a rebound is expected to take place today, providing a chance for the Buck to erase Monday's losses. The main target remains the 124.00 psychological level, which could be failed to be reached, as the weekly PP is blocking the path at 123.93. Technical studies retain their bullish signals in all timeframes, suggesting the Greenback is to surge today.  

    Traders' Sentiment 
    Market sentiment improved again, as 74% of traders are now long the Buck, whereas the share of buy orders slid from 74 to 69%.
    © Dukascopy Bank SA

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