© Dukascopy Bank
"The data are not strong enough, or uniform enough, to assert that momentum for growth [of US economy] is building"
- Charles Evans, Chicago Fed President (based on Reuters)
Industry outlook
USD/JPY is crawling upwards, although its advancement may be hampered by resistances located at 77.89, 78.63 (200 day ma), 79.67 (55 week ma) and 80.00. Dips should be halted by supports at 76.60 and 76.22.
Traders' sentiment
The stance of market participants toward USD/JPY currency pair is little changed since the last morning. 56% of traders have preferred acquiring the American Dollar against the Japanese Yen, while others (44%) shorted the pair.
Long position opened
FX market participants have put their take profit orders at the key resistance points of intraday trading. Some of the investors might close their deals at 76.93 and 77.11. The weakest level is at 77.24 highest.
Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 76.62. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 76.49 and 76.31.
© Dukascopy Bank