© Dukascopy Bank
"Asia and the U.S. are being hit less by Europe than expected"
- Tokio Marine & Nichido Fire Insurance Co. (based on Bloomberg)
Industry outlook
Since USD/JPY is surrounded by tough levels it is anticipated to continue fluctuating within a narrow range. Resistances are located at 77.89, 78.76 (200 day ma) and 80.00. Dips on the other hand should be limited by supports at 76.60, 76.22 and 75.94.
Traders' sentiment
The share of bullish market participants has dropped down to 40.92%, while bearish ones dominate the positions on USD/JPY with 59.08% of the market, despite Japanese Yen being the least popular currency at the moment.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 76.96. If the pair manages to go through this level, further resistances are situated at 77.10 and 77.19.
Short position opened
Bearish market players will pay attention to a near-term support at 76.73. The downtrend continuation will establish following targets for traders: S2 at 76.64 and S3 at 76.50.
© Dukascopy Bank