© Dukascopy Bank
- Reuters
Industry outlook
USD/JPY pair is gaining bullish momentum after it rebounded from 76.22. In the short-term 78.08 is expected to be tested once more, however, the chance of this level being overcome is minimal, since above lies a cluster of tough resistances.
Traders' sentiment
Traders' sentiment on USD/JPY has turned around and became bearish. Now the number of traders (41.93%) with long positions is outnumbered by the amount of those (58.07%) holding short trades.
Long position opened
Initial resistance area for the pair is situated at 77.34. Subsequent goals for the bullish market payers may be found at 77.59 and 77.93.
Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 76.75. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 76.41 and at S3 of 76.16.
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