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Traders` sentiment
The gap between the longs (55.15%) and shorts (44.85%) in the market has widened, as many market participants have changed their mind and anticipate a gain in value of the American dollar comparatively to the Japanese yen.
Long position opened
The break of the short-term resistance line 76.76 paves the way for the pair to rise up to 76.83. The clearance of the second daily resistance level would establish a new target for traders at 76.98.
Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 76.61. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 76.53 and 76.38.
“The risks to the Japanese economy are increasing”
- Fukoku Mutual Life Insurance Co. (based on Bloomberg)