© Dukascopy Bank
"On weekly chart, the dollar/yen still looks firmly trapped between Bollinger Bands"
- Bank of Tokyo-Mitsubishi UFJ (based on CNBC)
пЃ® Industry outlook
For now the currency couple is unlikely to pierce through a cluster of resistances formed by 78.08, 78.86 (200 day ma), 80.00 and 79.80 (55 week ma). Before challenging resistances once more, USD/JPY may test 76.20 first.
пЃ® Traders' sentiment
The difference between the amounts of long and short trades has slightly enlarged. Currently 57.23% of market participants keep bullish positions, while 42.77% of them carry on holding bearish ones.
пЃ® Long position opened
The price might rebound from the first resistance level at 76.81, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 76.94 and 77.04.
пЃ® Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 76.58. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 76.48 and 76.35.
© Dukascopy Bank