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- Rochford Capital (based on Bloomberg)
Industry outlook
USD/JPY has just retested 76.56 and is getting ready to challenge the initial resistance line situated at 77.69. In case the latter level is breached, the price then will target resistances at 78.52 (200 day ma) and at 79.56 (55 week ma).
Traders' sentiment
Currently the majority (55%) of traders stay short on USD/JPY currency pair, whereas 45% of market participants support the idea of the American Dollar appreciating relative to the Japanese Yen.
Long position opened
Investors are suggested pay close attention to the identified resistance levels for the pair at 76.95, 77.08 and 77.28.
Short position opened
A part of the brokers will close their short positions near initial support level at 76.62. In case of downtrend continuation, the pair might rebound from the S2 at 76.42 or S3 at 76.29.
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