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    USD/JPY sets eye on a new high

    © Dukascopy Bank SA
    "It looks like a big bet on the Fed finally putting its money where its mouth is. It looks as though the Fed will indeed kick off its tightening cycle in December, providing a stark contrast to other major central banks and thus providing durable support for the dollar."
    - Westpac Banking Corp. (based on Bloomberg)

    Pair's Outlook
    Due to Japan falling back into recession, the USD/JPY currency pair managed to breach the immediate resistance and close trade near the 11-week high. Today the Greenback is likely to extend yesterday's rally and possibly even establish a new 13-week high, but in order to do so, the given pair first requires to pierce the cluster in form of the weekly R1 and monthly R2 around 123.40. A fresh 13-week high is also expected to set the Buck on a path of reaching the 2015 high, unless the immediate resistance pushes the USD/JPY back under 123.00.

    Traders' Sentiment
    Bearish market sentiment returned to last Tuesday's level of 73%, while the sell orders are outnumbering the buy ones by 2% points.

    © Dukascopy Bank SA

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