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"He [Jun Azumi] is still keen to intervene"
- CNBC
Industry outlook
Near 77.85/40 USD/JPY is likely to regain its bullish momentum and jump up to 79.64. However, to affirm reversal subsequent resistance at 80.52 is to be breached, then the pair will aim for 85.53. Additional supports are at 77.86/77 and 77.50/40.
Traders' sentiment
The fact that the American currency is the most popular among its major counterparts at the moment is partially reflected in USD/JPY market, where 53.05% of liquidity consumers are buyers and 46.95% of them are sellers.
Long position opened
The initial resistance level for the pair is 78.33. If the price continues to increase, the investors will hold longs until the pair climbs up to 78.43 or 78.71.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 78.05. If the price maintains the downtrend, the dealers might wait for the price to depreciate down to 77.87 or 77.59.