USD/JPY to consolidate at 76.90/84 - Technical Analysis - Dukascopy Bank

Fri, 25 Nov 2011 09:04:29 GMT
Source: Dukascopy
 
© Dukascopy
"The yen is being bought in a flight to quality amid risk-off sentiment"
- Sumitomo Mitsui Banking Corp. (based on Bloomberg)

Industry outlook
From below USD/JPY is underpinned by supports situated at 76.90/84, 76.22 and 75.94 thus dips are unlikely to appear on the chart today. The pair is anticipated to act bullishly in the future and advance towards 79.56 and then 80.37.

Traders' sentiment
The situation in USD/JPY has turned around in terms of positions. Now bulls are in minority, composing 41.75% of the market, while bears occupy the largest part - 58.25% at the moment.

Long position opened
The initial resistance level for the pair is 77.30. If the price continues increasing, the investors will hold longs until the pair climbs up to 77.42 or 77.68.

Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 77.03. If the price continues the downtrend, the dealers might wait for the price to slide down to 76.88 or 76.62.
© Dukascopy

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