© Dukascopy Bank
"U.S. growth forecasts are being scaled back even as the labor market picks up, and that will weigh on the U.S. dollar"
- G-10 FX (based on CNBC)
Industry outlook
USD/JPY is likely to carry on advancing, as it is being supported by though levels at 81.87, 81.15 and 80.90. After attaining an initial goal at 83.80, the pair is anticipated to move in the direction of 85.53 and 86.80.
Traders' sentiment
Even though the share of buy orders has fallen down to 80%, the overall picture has not been altered to a large extent, leaving the present bias bullish.
Long position opened
The price might rebound from the first resistance level at 82.46, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 82.71 and 82.88.
Short position opened
Major FX traders expect the price to test the initial support level at 82.04. The breakout of this line will pave the way for the price to test S2 at 81.87 and S3 at 81.62.
© Dukascopy Bank