© Dukascopy Bank
"I believe the BOJ should respond to changes and demands from the market"
- senior Japanese government official (based on WSJ)
Industry outlook
Despite a resistance at 81.60/73 currently being ahead of USD/JPY, the level should not be able to contain the currency pair, which will leave 83.31/39 exposed. In case the rally extends further, 84.19 may be reached.
Traders' sentiment
The US Dollar is overbought to a large extent relative to the Japanese Yen. 71% of traders expect USD/JPY to surge, while 29% believe in an alternative scenario.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 81.56, followed by R2 and R3 at 81.96 and 82.25, respectively.
Short position opened
Bearish market players will pay attention to a near-term support at 80.87. The downtrend continuation will establish following targets for traders: S2 at 80.58 and S3 at 80.18.
© Dukascopy Bank