USD/JPY sets eye on a new high

"It looks like a big bet on the Fed finally putting its money where its mouth is. It looks as though the Fed will indeed kick off its tightening cycle in December, providing a stark contrast to other major central banks and thus providing durable support for the dollar."
- Westpac Banking Corp. (based on Bloomberg)

Pair's Outlook
Due to Japan falling back into recession, the USD/JPY currency pair managed to breach the immediate resistance and close trade near the 11-week high. Today the Greenback is likely to extend yesterday's rally and possibly even establish a new 13-week high, but in order to do so, the given pair first requires to pierce the cluster in form of the weekly R1 and monthly R2 around 123.40. A fresh 13-week high is also expected to set the Buck on a path of reaching the 2015 high, unless the immediate resistance pushes the USD/JPY back under 123.00.

Traders' Sentiment
Bearish market sentiment returned to last Tuesday's level of 73%, while the sell orders are outnumbering the buy ones by 2% points.