USD/JPY is headed toward 79.46 - Technical Analysis - Dukascopy Bank

Fri, 02 Dec 2011 07:58:57 GMT
Source: Dukascopy
 
© Dukascopy
"The [US] labor market is gradually healing. It's a glacial pace, but we are taking small steps in the right direction"
- Moody's Analytics (based on Reuters)

пЃ® Industry outlook
Since supports at 77.18/03 and 76.76/57 are unlikely to let USD/JPY to tumble, there is a great chance of the currency pair going as high as 79.46. In case the bullish momentum does not vanish then and 80.31 is overcome, further advancement is possible.

пЃ® Traders' sentiment
Traders' sentiment in USD/JPY is currently mixed as there is nearly no numerical advantage of any of the sides. 50.11% of the market belongs to bullish traders and almost the same amount (49.89%) is composed of bearish ones.

пЃ® Long position opened
Largest brokers set a new long position target as a break of 77.84 is an encouraging bullish sign en route to 77.99. If the uptrend remains, the third target for intraday trading will be 78.17.

пЃ® Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 77.51. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 77.33 and 77.18.
© Dukascopy

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