© Dukascopy Bank
"We maintain our view that it [USD/JPY] will reach ¥85.0 by the end of the year"
- Credit Agricole (based on Marketwatch)
Industry outlook
Both near-term and long-term outlooks are bullish for USD/JPY. Levels at 80.17/79.97 and 79.85 provide sufficient support for the pair to challenge 80.41. After overcoming the latter level, the pair should target 82.80 next.
Traders' sentiment
The American Dollar is the most popular currency at the moment in the market , this affects traders' sentiment on USD/JPY, which is considered bullish by 81% of market participants, while 19% of traders deem it bearish.
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 80.27, 80.56 and 80.77.
Short position opened
Bearish market players will pay attention to a near-term support at 79.77. The downtrend continuation will establish following targets for traders: S2 at 79.56 and S3 at 79.27.
© Dukascopy Bank