© Dukascopy
"The yen may rally through 70 per dollar next year as global financial stability in the second half damps investor appetite for the greenback"
- JPMorgan Chase & Co (based on Bloomberg)
Industry outlook
Current weakness of the pair is temporary and soon USD/JPY is expected to commence advancing. To affirm its bullish momentum the pair will have to climb over 77.21 and then rise up to 79.56. Supports are at 76.22 and 75.94.|
Traders' sentiment
Traders' sentiment is mixed in USD/JPY market without any distinctive superiority of any of the camps, meaning that bullish FX players form 47.98% of the market, while bearish ones make up 52.02% of it.
Long position opened
The initial resistance level for the pair is 77.25. If the price continues increasing, the investors will hold longs until the pair climbs up to 77.54 or 78.03.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 76.76, 76.55 and 76.05.
© Dukascopy