© Dukascopy
"There is an emerging theme that the dollar is trading more off fundamentals than earlier in the year. That means investors will be more likely to bid the dollar up on posiive U.S. economic news such as the CCI"
- BBVA (based on WSJ)
Industry outlook
The pair still holds above the 82.18 support level and the bullish momentum will remain as fast as this level holds. If the market maintains the bullish momentum, the 83.56 and 84.10 will become the next targets in the short-term.
Traders' sentiment
The majority of market participants (71.33%) presently are holding long positions on USD/JPY, awaiting the US Dollar to strengthen against the Japanese Yen.
Long position opened
Investors should closely watch the initial resistance line at 83.48. R2 at 83.81 and R3 at 84.23 with high probability are going to be the next targets on Wednesday if the market keeps the bullish impetus.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals with the approximate targets at 83.48, 83.81 and 84.23 today.
© Dukascopy