© Dukascopy Bank SA
"We are bullish USD/JPY over the next 3-6 months, with 126.40 and 130.50 serving as price targets for our view."
- RBC (based on CNBC)
Pair's Outlook
Last Friday, USD/JPY behaved according to the forecast, as the pair appreciated for the fifth consecutive day. Moreover, resistance was met at 124.14, namely at the 2007 high, where the Greenback closed trade. US Dollar is likely to rise again today, despite edging under the 2007 high in the morning hours. The nearest resistance rests at 125, represented by the Bollinger band, while technical studies are giving bullish signs, bolstering the positive outcome.
Traders' Sentiment
Bullish market sentiment slightly weakened, 54% of traders now hold long positions (previously 56%). The portion of buy commands gained three percentage points, as they now take up 59% of the market.
© Dukascopy Bank SA