© Dukascopy Bank
"The dollar and yen are likely to be bought in this kind of environment"
- IG Markets Securities Ltd. (based on Bloomberg)
пЃ® Industry outlook
Supports at 77.43 and 77.12, which is 55 and 100 day ma, create a decent base for USD/JPY currency pair to commence rising in the nearest future. Nevertheless, resistances at 78.27, 78.42 and 79.10 should by overcome to maintain upward direction.
пЃ® Traders' sentiment
USD/JPY pair has bended towards being oversold, though the advantage of shorts over longs is not yet full and may be altered rather easily. Bulls are 46.71% while bears are 53.29% of the market.
пЃ® Long position opened
The initial resistance level for the pair is 77.77. If the price continues increasing, the investors will hold longs until the pair climbs up to 77.87 or 77.94.
пЃ® Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 77.60, 77.53 and 77.43.
© Dukascopy Bank