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- CNBC
Industry outlook
USD/JPY has managed to consolidate at 76.89 and is unlikely to show any weakness from now on. The primary target for the pair is at 79.44, then it will aim for 80.44, which is 55 week ma. The ultimate goal is situated at 85.53.
Traders' sentiment
USD/JPY market is currently 56.26% bullish and 43.74% bearish. This perfectly reflects the overall situation for USD and JPY, as they are currently ranked as the 2nd and the 3rd accordingly in terms of popularity among their major counterparts.
Long position opened
The price might rebound from the first resistance level at 77.29, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 77.50 and 77.96.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 76.84. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 76.60 or 76.14.
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