USD/JPY to remain above 102.00

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
"With the US Dollar Index still sitting at higher time frame support, I still see the greater risk reward and ability to take advantage of the chance of a market re-pricing coming by playing USD from the long side."
- Vantage FX (based on WBP Online) 

Pair's Outlook 
The Greenback strengthened across the board on Friday, triggered by Fed Yellen's surprisingly hawkish statement that day. As a result, the USD/JPY currency pair surged more than 130 pips, while also opening above the 102.00 major level today. A bearish development today is unlikely, but possible, as technical indicators are unable to provide a clear sense of direction. A strong rally is to be limited by the cluster circa 103.60, represented by the weekly R1 and the Bollinger band, whereas the nearest support rests only around 101.20. However, in case the immediate resistance fails to keep the US Dollar at bay, the second resistance area around 103.15 is expected to succeed. 

Traders' Sentiment 
Today 68% of all open positions are long (previously 70%). At the same time, the number of purchase orders increased from 61 to 76%.
© Dukascopy Bank SA
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