© Dukascopy Bank
"We're more on a moderate growth path, not the death spiral people feared two months ago"
- Commonfund (based on Bloomberg)
пЃ® Industry outlook
While being supported by a tough uptrend USD/JPY is anticipated to carry on climbing up after bouncing off 77.17/05. The pair is currently headed toward 79.36, although it must first encounter and overcome resistances at 78.27, 78.56 and 79.10.
пЃ® Traders' sentiment
Traders' sentiment has significantly changed over the weekend. Presently bullish market participants, who constitute 40.06%, are being outnumbered by bearish ones, who in turn form a much bigger part - 59.94%.
пЃ® Long position opened
Initial resistance area for the pair is situated at 78.12. Subsequent goals for the bullish market payers may be found at 78.30 and 78.52.
пЃ® Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 77.72. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 77.50 and at S3 of 77.32.
© Dukascopy Bank