© Dukascopy Bank
"The yen, however, has undergone a structural shift that leans toward weakness in the months ahead"
- Forex.com (based on CNBC)
Industry outlook
Encounter with a resistance at 81.49/63 resulted in a pullback of the pair. Despite this near-term weakness, upside momentum is expected to drive USD/JPY higher, up to 83.80. Supports lie at 80.00, 79.57/55 and 78.29/23.
Traders' sentiment
Being that the American Dollar is the most popular currency at the moment, USD/JPY is overbought. In other terms, the overwhelming majority of traders (75%) have acquired the Buck against the Japanese Yen.
Long position opened
FX market participants have put their take profit orders at the key resistance points of intraday trading. Some of the investors might close their deals at 81.47 and 82.33. The highest level is at 83.00.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 79.94, 79.27 and 78.41.
© Dukascopy Bank