© Dukascopy Bank
"The pick-up in Japan's economic activity has paused, mainly due to the effects of a slowdown in overseas economies and of the appreciation of the yen"
- BoJ (based on Marketwatch)
пЃ® Industry outlook
The currency couple's bullish movement came to a halt once it approached 78.06/47, since tough resistances at 79.05 (200 day ma) and at 80.00 (55 week ma) lie ahead. Intraday dips should be limited by supports located at 77.29, 77.32/14 and 77.12.
пЃ® Traders' sentiment
The overall stance of market participants towards USD/JPY currency pair is more or less neutral, as the portion of longs and shorts is nearly the same in the market - 55.81% and 44.19%, respectively.
пЃ® Long position opened
Initial resistance area for the pair is situated at 78.05. Subsequent goals for the bullish market payers may be found at 78.22 and 78.39.
пЃ® Short position opened
Bearish market players will pay attention to a near-term support at 77.71. The downtrend continuation will establish following targets for traders: S2 at 77.54 and S3 at 77.37.
© Dukascopy Bank