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"The BOJ can provide as much money as it wants, but that won't help end deflation"
- Mizuho Securities Research & Consulting (based on Reuters)
пЃ® Industry outlook
USD/JPY has distanced itself from 77.11/19, which is a cluster of 55 and 100 day moving averages. At the moment the price is bullish and therefore is likely to advance, encountering resistances at 78.29/30, 78.66 and 80.12 on its way.
пЃ® Traders' sentiment
USD/JPY has turned bearish according to traders' sentiment, as the amount of short positions opened outnumbers the amount of longs positions. Bearish trades form 58.13% of the market, while bullish ones are 41.87% of it.
пЃ® Long position opened
Investors should pay attention to the identified with the help of the standard pivot point method resistance zones, as they might be useful during intraday trading. The initial resistance level is at the level of 78.09, whereas R2 and R3 are situated at 78.28 and 78.57 accordingly.
пЃ® Short position opened
Bearish market players will pay attention to a near-term support at 77.61. The downtrend continuation will establish following targets for traders: S2 at 77.32 and S3 at 77.13.
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