USD/JPY to erase last week's losses

FX:USDJPY   U.S. Dollar/Japanese Yen
11 0 1
"Higher Treasury yields and gains by U.S. stocks would be an ideal combination to attract dollar support from intuitional investors. But if stock markets react negatively to a rate hike, the dollar could end up relying on higher long-term Treasury yields alone."
- FPG Securities (based on Reuters)

Pair's Outlook
The Greenback overperformed on Friday, as it breached the immediate resistance in face of the 20-day SMA and returned above the major level of 123.00. Today the USD/JPY             is supported by the weekly PP and the 20-day SMA , which together should prevent the pair from falling back under 123.00. The nearest resistance is represented by the Bollinger band and the weekly R1 around 123.60, which should later cause the US Dollar             to bounce back in order to prolong the consolidation trend between 122.20 and 123.75.

Traders' Sentiment
Bears keep growing stronger, as nearly three quarters (74%) of all positions are short. The share of buy orders slid from 65 to 62%.
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