© Dukascopy Bank
"The market will remain well-placed for a retest of the four-year downtrend at 79.36"
- Commerzbank (based on Bloomberg)
пЃ® Industry outlook
While being supported by 77.43, 77.29 and 77.14/09 USD/JPY is perceived as a fairly bullish currency couple. The primary target lies at 78.80, followed by 79.29, 200 day ma, and 80.23. The latter line will be particularly hard to penetrate, consequently, the price is likely to consolidate there.
пЃ® Traders' sentiment
USD/JPY currency pair has turned bearish, even though shorts have insignificant advantage over longs. 49.26% of liquidity consumers are presently keeping longs, while the rest of them, being 50.74% of the market, are holding short trades.
пЃ® Long position opened
The break of the short-term resistance line 77.84 would pave the way for the pair to rise up to 77.95. The clearance of the second daily resistance level would establish a new target for traders at 78.06.
пЃ® Short position opened
Bearish market players will pay attention to a near-term support at 77.62. The downtrend continuation will establish following targets for traders: S2 at 77.51 and S3 at 77.40.
© Dukascopy Bank