© Dukascopy Bank
"The yen is finally starting to respond to positive U.S. economic data"
- GFT Forex (based on Bloomberg)
пЃ® Industry outlook
USD/JPY is likely to continue trading within a corridor formed by a support at 77.49 and by a resistance at 78.28, therefore the outlook is neutral. In case the latter level is violated, the price might target 78.84 next.
пЃ® Traders' sentiment
The tables have turned for USD/JPY currency couple, being that the amount of bearish trades now exceeds the quantity of bullish ones. Accordingly, longs constitute 41.89% of the market, while shorts form 58.11% of it.
пЃ® Long position opened
Leading market participants, who have entered USD/JPY market with a buy trade, are expecting to close their positions at the key resistances at 78.24, 78.32 and 78.44.
пЃ® Short position opened
Bearish market players will pay attention to a near-term support at 78.04. The downtrend continuation will establish following targets for traders: S2 at 77.92 and S3 at 77.84.
© Dukascopy Bank