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    USD/JPY negates Dec 29 losses

    © Dukascopy Bank SA
    "While the Fed is not going to rush into any action, rates will go up. The market is very long the dollar against the yen and the euro, and across the board."
    - Rochford Capital (based on Bloomberg)

    Pair's Outlook
    Despite absence of any notable supports, today USD/JPY has managed to recover some of the losses made last Monday. If the technical indicators turn out to be right and the bulls keep pushing the price further, the nearest significant resistance the US Dollar is going to encounter is 121, followed by 122 (2014 high). Nevertheless, the currency pair is still considered prone to a decline to the up-trend.

    Traders' Sentiment
    Though the sentiment towards USD/JPY is neutral, the distribution between the pending orders is turbulent. The relative size of the commands set to purchase the greenback 100 pips from the spot has soared from 47 to 75% since the previous report.
    © Dukascopy Bank SA

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