© Dukascopy
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"Over the next few days, I would expect dollar-yen to reach 77"
- Standard Chartered Plc. (based on Bloomberg)
Industry outlook
The currency couple approaches a support level at 77.40 which is anticipated to limit intraday dips of the price. At the same time resistances at 79.64 and 80.52 cap USD/JPY from above, preventing it from spontaneous advancement.
Traders' sentiment
Currently traders' sentiment in USD/JPY market is mixed, as none of the position types considerably outnumbers the other. 52.2% of liquidity consumers hold long trades, while 47.8% of them prefer staying short on the pair.
Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 77.99, 78.28 and 78.76.
Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 77.50. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 77.30 and 76.81.