© Dukascopy
"Japan may be close to a downgrade"
- Standard and Poor's (based on Bloomberg)
Industry outlook
The American Dollar is expected to commence appreciating relative to the Japanese Yen soon thus driving USD/JPY price towards key resistance levels at 79.56 and 80.37 which must be overcome in order to confirm further advancement.
Traders' sentiment
The gap between the long and short positions has widened during the previous day. For 54.11% USD/JPY market consists of bullish trades, while shorts are 45.89%, therefore the traders' sentiment is mixed.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 77.59. If the pair manages to go through this level, further resistances are situated at 77.91 and 78.57.
Short position opened
Bearish market players will pay attention to a near-term support at 76.94. The downtrend continuation will establish following targets for traders: S2 at 76.60 and S3 at 76.95.
© Dukascopy