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"We remain constructive towards the potential for further (albeit grudging) upside for the [USD/JPY] pair from here although another near term push higher may have to await another catalyst, with short–end risk consolidating "lower" of late."
- OCBC Bank (based on FX Street)
Pair's Outlook
Although USD/JPY managed to climb up, gains were insignificant. Moreover, the 125 psychological level was not reached, as the pair experienced serious volatility to the downside. However, US Dollar is likely to maintain bullish trend and surge for the third consecutive day today. Immediate resistance remains unchanged, the weekly R1, but at this point the 125 area is the target, since the Greenback is having trouble claiming it. Meanwhile, technical indicators retain their bullish signs, suggesting the US Dollar will rally again.
Traders' Sentiment
For the third day in a row, the share of long positions remains unchanged at 54%. The portion of buy commands, however, slid from 73 to 65%.
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