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"Morgan Stanley MUFG Securities Co., Mizuho Securities Co. and SMBC Nikko Securities Inc. predict that the BOJ will expand asset purchases at a meeting on April 27"
- Bloomberg
Industry outlook
USD/JPY is presently forming a symmetrical triangle on an hourly chart. The price is struggling at a resistance at 82.28, which guards 82.49/52 and 82.69/78. In case the pair tumbles, the dip should be limited by levels at 82.03 and 81.87.
Traders' sentiment
Traders are single-minded on USD/JPY currency couple, as 73% of them are presently holding long positions, as the same time only 27% of them keep on staying short.
Long position opened
The price might rebound from the first resistance level at 82.60, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 82.86 and 83.25.
Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 81.95. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 81.56 and at S3 of 81.30.
© Dukascopy Bank