© Dukascopy Bank
"With a big drop in oil prices Thursday and falling commodity prices, there would have been a "good environment for the dollar, but the yen and pound are doing better. That's because of short-term profit-taking"
- OppenheimerFunds (based on WSJ)
Industry outlook
The pair failed to hold above the 82.18 support level and presently is exposed to a deeper downside correction to 81.08 and 80.11 respectively where the pair could consolidate, though around the 80.00/79.80 psychological area the pair is likely to reassert bullish stance.
Traders' sentiment
The majority of market participants (72.20%) currently are anticipating USD/JPY to advance further versus 27.80% of short positions holders.
Long position opened
Investors should closely watch the initial resistance line at 82.97. R2 at 83.50 and R3 at 84.03 with high probability are going to be encountered next if the market sustains a bullish stance.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals with the approximate targets at 81.91, 81.38 and 80.85 today.
© Dukascopy Bank