© Dukascopy Bank
"Inaction [of the BoJ on Apr 27] would be a disaster for communication"
- Atsushi Mizuno, former policy maker (based on Bloomberg)
Industry outlook
As soon as USD/JPY overcomes downtrend resistance at 80.84/81.53 we are likely to observe a rise of the pair up to 82.00 first, then 83.31/39 and 84.14. At the same time dips should be limited by supports at 80.84 and 80.29.
Traders' sentiment
The overwhelming majority of traders favours appreciation of the US Dollar compared to the Yen. This is advocated by the ratio of bulls to bears on USD/JPY - 74% to 26%.
Long position opened
Largest brokers set a new long position target as a break of 81.66 is an encouraging bullish sign en route to 81.98. If the uptrend remains, the third target for intraday trading will be 82.28.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 81.04, 80.74 and 80.42.
© Dukascopy Bank