© Dukascopy Bank
© Dukascopy Bank
"Intervention may become likely below JPY76.00, considering past records and warnings issued by finance minister Jun Azumi"
- Mizuho Securities (based on WSJ)
USD/JPY continues to trade near a key support line situated at 76.00. In case it is violated, the next level at 75.35 will come into play. From above the currency pair is capped by resistances at 77.50 and 77.80.
Traders' sentiment
Even though the share of long positions exceeds the share of short positions on USD/JPY, the traders' sentiment is becoming more and more neutral. Presently the ratio between bulls and bears is 57% to 43%.
Long position opened
Initial resistance area for the pair is situated at 76.40. Subsequent goals for the bullish market payers may be found at 76.55 and 76.67.
Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 76.13. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 76.01 and at S3 of 75.86.
© Dukascopy Bank
© Dukascopy Bank