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"QE3 is not going to happen in my book, unless it's clear we have not provided enough liquidity"
- Richard Fisher, Dallas Federal Reserve Bank President
Industry outlook
Support line at 77.85/40 is anticipated to withstand bearish pressure and trigger and advancement towards 79.64. Further resistances are at 80.52 and 85.53, should the bullish impetus drag the price higher.
Traders' sentiment
The American dollar, being the most popular currency at the moment, is presently leading in USD/JPY market, being supported by 58.07% of traders, while 41.93% of liquidity consumers there hold short positions.
Long position opened
Initial resistance area for the pair is situated at 78.17. Subsequent goals for the bullish market payers may be found at 78.28 and 78.49.
Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 77.97. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 77.87 and at S3 of 77.66.