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- Jun Azumi, Japan's Finance Minister (based on Reuters)
Industry outlook
After strong bullish intraday movements yesterday, the pair has gained stronger footing today, and is trading at 80.229. Thus the nearest target for bulls is likely to be the yesterday's high of 80.61. RSI indicator is floating around the critical 30 level thus indicating a bullish correction in near-term.
Traders' sentiment
Bullish sentiment dominates the market currently with 73.82% of traders believing in pair's upward movement. Only 26.18% of traders have a bearish stance on USD/JPY.
Long position opened
The targets in focus are 80.37/61 and the psychological level of 81.00. Largest market players will set their stop-loss orders around 79.64, the low of May 1.
Short position opened
Bearing in mind the bullish sentiment in the market, bears are likely to close their positions before RSI slides below the level of 30.
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