© Dukascopy Bank
"The Bank of Japan would flood markets with cash and offer further monetary stimulus on any signs of contagion from Europe's debt crisis"
- Reuters
пЃ® Industry outlook
USD/JPY is currently attempting to break through 78.10/47, though advancement of the pair will be also impeded by 200 day ma at 79.06 and 55 week ma at 80.00. Nonetheless, the long-term bias is positive.
пЃ® Traders' sentiment
The gap between long and short trades has widened since yesterday morning. The largest part of positions in the market is composed of longs (59.78%), while shorts are currently in minority (40.22%).
пЃ® Long position opened
The price might rebound from the first resistance level at 78.23, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 78.42 and 78.69.
пЃ® Short position opened
Bearish market players will pay attention to a near-term support at 77.77. The downtrend continuation will establish following targets for traders: S2 at 77.50 and S3 at 77.31.
© Dukascopy Bank