© Dukascopy Bank
"It looks like we [US] have just hit a clear patch on the road to recovery, where things are going to speed up a little bit"
- Wells Fargo Securities (based on Reuters)
пЃ® Industry outlook
While being supported by a number of closely situated lines, at 77.29, 77.26/12 and 76.22, the currency pair is unlikely to show any weakness for the time being. It is anticipated to focus on resistances instead. The immediate one is at 78.27/29, while subsequent levels may be found at 78.18, 78.66 and 79.10.
пЃ® Traders' sentiment
Even though the Japanese Yen is the second most popular currency at the moment after the Euro, traders who are in possession of positions in USD/JPY market prefer keeping longs over short, as 58.29% of market participants are bullish and 41.71% of the market is bearish.
пЃ® Long position opened
Investors are suggested to pay close attention to the identified resistance levels for the pair at 78.08, 78.32 and 78.49.
пЃ® Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 77.67. If the pair erodes this level, then it might rebound from S2 of 77.50 or S3 of 77.26.
© Dukascopy Bank