© Dukascopy Bank
"[Japanese] industrial production seems set to expand for the next two months, but whether it can continue to grow beyond the short term is uncertain"
- Bank of Japan
пЃ® Industry outlook
While being capped by a tough resistance at 78.00/25 the near-term bias for the pair is bearish which has been confirmed by a dip below 78.00 level. At the moment USD/JPY is heading toward a support at 77.00.
пЃ® Traders' sentiment
Traders' sentiment for USD/JPY currency pair is more or less neutral, as the share of bullish and bearish traders is almost the same, being 49.25% and 50.75%, respectively.
пЃ® Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 78.00, 78.12 and 78.23.
пЃ® Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 77.77. If the price continues the downtrend, the dealers might wait for the Greenback to depreciate down to 77.66 or 77.54.
© Dukascopy Bank