Japanese Yen Stalls Below 119.00

A sustained upside momentum will most likely see the dollar bulls break target 123.25, a level not seen since November 25, 2002, and with a further breakout most likely seeing the pair testing offers around the next psychologically important 125.00 handle. Indicators are favoring the dollar longs with both positive momentum indicator and MACD above the zero line, while neutral oscillators give either side enough room to maneuver.