© Dukascopy Bank
"The good U.S. economic figures are positive for risk sentiment, resulting in the selling of the dollar and yen"
- Mizuho Securities Co. (based on Bloomberg)
Industry outlook
Eventually USD/JPY should be able to erode resistance at 77.69 and then subsequent lines at 78.45 (200 day ma) and at 79.56 (55 week ma) as well. At the moment the pair is breaking through the 100 day ma at 77.18.
Traders' sentiment
Traders' sentiment is neutral toward USD/JPY currency pair. The number of longs and shorts is nearly the same, being 47 and 53 per cent of the market.
Long position opened
The price might rebound from the first resistance level at 77.38, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 77.65 and 78.00.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 76.76, 76.41 and 76.14.
© Dukascopy Bank