© Dukascopy Bank
"I'm bearish on the yen the most among the major three currencies. Markets are focused on the fact that the BOJ will remain accommodative"
- Toshiya Yamauchi at Ueda Harlow Ltd. (based on Bloomberg)
Industry outlook
As long as a key support at 80.76 manages to repel dips of USD/JPY currency pair, the short- and long-term outlooks should stay bullish. The pair is likely to find resistances at 81.87/90, 82.08 and 82.23.
Traders' sentiment
The absolute majority of market participants (70%) are planning to enter the market with a buy trade, while only 30% of them believe the Yen will appreciate.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 81.84, followed by R2 and R3 at 82.11 and 82.50, respectively.
Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 81.18. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 80.79 and at S3 of 80.52.
© Dukascopy Bank