© Dukascopy Bank
"The path of least resistance is upward for dollar yen"
- FX Solutions (based on CNBC)
Industry outlook
USD/JPY is currently struggling at 81.49/63, though it is unlikely to drop lower as long as a support at 80.57/22 is not violated. In the long run we are likely to observe further rally of the currency pair up to 83.80.
Traders' sentiment
Traders' sentiment on USD/JPY is bullish to a large extent, as 83% of market participants anticipate the Japanese Yen to lose in value.
Long position opened
The price might rebound from the first resistance level at 81.88, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 82.23 and 82.59.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 81.17. If the price continues the downtrend, the dealers might wait for the Greenback to depreciate down to 80.81 or 80.46 Yen.
© Dukascopy Bank