© Dukascopy Bank
"Expectations are mounting that the yen's upward trend is coming to an end"
- Tokio Marine & Nichido Fire Insurance Co. (based on Bloomberg)
Industry outlook
Despite near-term weakness expected from USD/JPY at 79.93/80.25, the overall trend should remain upward sloping, with the target at 86.85. Supports are situated at 79.00, 78.41 and 78.29.
Traders' sentiment
Being that the US Dollar is the most popular currency at the moment in SWFX marketplace, overwhelming majority of positions (82%) held on USD/JPY are long.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 79.88, followed by R2 and R3 at 80.14 and 80.40, respectively.
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 79.36, 79.10 and 78.84.
© Dukascopy Bank