© Dukascopy Bank
"The market is calling for action from the BOJ. The bank's policy makers might have reached a consensus to do something at the next meeting"
- Sumitomo Mitsui Asset Management Co. (based on Bloomberg)
Industry outlook
The currency couple is presently headed towards 80.11, where USD/JPY should consolidate and start recovering. In the meantime, resistances at 81.87/82.00 and 82.62 will contain the pair from above.
Traders' sentiment
The overwhelming majority of traders (72%) have preferred to enter the market with a buy trade, as opposed to those who have decided to short sell USD/JPY.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 81.47, followed by R2 and R3 at 82.27 and 82.69, 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 80.25. If the pair erodes this level, then it might rebound from S2 of 79.83 or S3 of 79.03.
© Dukascopy Bank