© Dukascopy
"The Japanese themselves are in fact pulling money back to Japan. In this sort of an environment the yen is a genuine safe haven"
- Westpac Banking Corp. (based on Bloomberg)
Industry outlook
All dips of USD/JPY are likely to be halted by a rather tough support line at 77.40. In order for the pair to regain its forfeited bullish momentum resistance that lie at 79.64 and 80.52 should be overcome.
Traders' sentiment
Even though the Japanese yen is the least popular and the American dollar is the most attractive currency among their major counterparts, USD/JPY market is 55.9% bearish and only 44.1% bullish.
Long position opened
Initial resistance area for the pair is situated at 77.85. Subsequent goals for the bullish market payers may be found at 78.04 and 78.40.
Short position opened
Key support for USD/JPY intraday trading is situated at 77.48. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 77.31 and 76.94.
© Dukascopy