USD/JPY to hit 79.46 - Technical Analysis - Dukascopy Bank

Thu, 01 Dec 2011 08:33:14 GMT
Source: Dukascopy
 
© Dukascopy
"The government will continue to closely monitor global financial market moves and their effect on Japan's economy, and act appropriately"
- Motohisa Furukawa, Japanese Economics Minister (based on Reuters)

пЃ® Industry outlook
From below USD/JPY is underpinned by a number of closely located supports at 77.20, 77.01, 76.78 and 76.59 creating an extremely strong zone. Consequently, the currency couple is bullish and is headed toward 79.46, just above 200 day ma at 79.39.

пЃ® Traders' sentiment
The gap between the amount of traders keeping long positions and market participants holding short positions has widened since yesterday's morning. 42.35% of positions are long, while 57.65% of them are short.

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 78.08, 78.55 and 78.95.

пЃ® Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 77.21. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 76.81 and at S3 of 76.34.
© Dukascopy

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