© Dukascopy Bank
"We have revised our dollar/yen forecast up to 90 in six months and think it will stay there until 12 months from now"
- Barclays Capital (based on CNBC)
Industry outlook
Following a rapid rally of USD/JPY beyond 83.80, it is should calm down for a moment, thus intraday outlook is neutral. Nonetheless, the overall picture suggests continuation of the uptrend with further goals set at 85.53 and 86.80.
Traders' sentiment
Even though traders with long positions are in majority (55%) at the moment, the sentiment is not yet bullish, since their advantage (10%) is not large enough.
Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 84.09, 84.46 and 85.06.
Short position opened
Major FX traders expect the price to test the initial support level at 83.12. The breakout of this line will pave the way for the price to test S2 at 82.51 and S3 at 82.15.
© Dukascopy Bank