© Dukascopy Bank
"The dollar has really appreciated over the past week and a half. Nothing goes up in a straight line"
- FX Solutions (based on WSJ)
Industry outlook
Near-term outlook for USD/JPY is negative due to a possibility that the US Dollar might weaken to JPY 82.23. Nonetheless, this correction is viewed only as temporary, leaving the overall bias bullish.
Traders' sentiment
The ratio of longs to shorts on USD/JPY has not been altered. Bulls continue to constitute 55% and bears continue to form 45% of the total amount of market participants.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 84.08, followed by R2 and R3 at 84.62 and 85.06, respectively.
Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 83.10. If the pair erodes this level, then it might rebound from S2 of 82.66 or S3 of 82.12.
© Dukascopy Bank