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"The feeling on the ground is that U.S. dollar/yen will need to broach 75.0 before intervention is actually seen"
- Credit Agricole (based on Marketwatch)
Industry outlook
USD/JPY managed to hold above 76.00 and is now surging. Level at 76.55 is already cleared and the pair is aiming for 76.85. In case 76.85 is overcome, 77.15 (55 and 100 day ma) will be targeted next.
Traders' sentiment
Even though presently the American Dollar is the most popular and the Japanese Yen the least popular currency, traders' sentiment is mixed on USD/JPY, as 56% of positions are long and 44% of them are short.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 76.82, followed by R2 and R3 at 77.07 and 77.41, respectively.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 76.23, 75.89 and 75.64.
© Dukascopy Bank