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"I thought the market would see a correction given the straight days of gains, but contrary to my initial view, it's being lifted by the weak yen."
- Sumitomo Mitsui Trust Bank (based on Reuters)
Pair's Outlook
The Greenback keeps appreciating against the Yen for the second week in a row. The nearest resistance cluster was easily breached, but the USD/JPY currency pair struggled to stay above the 124 area. Technical indicators retain their bullish signs, suggesting further rally today. The nearest resistance is the 124.14 level, although we might see a surge up to 124.58 if the fundamentals do not disappoint. Meanwhile, the Bollinger band is providing support and is not allowing the Buck to climb down.
Traders' Sentiment
For the fourth consecutive day bullish market sentiment lost one more percentage point, down to 55%. The share of commands to purchase to the Buck surged from 62 to 80%.
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