© Dukascopy Bank
"Investors are feeling less pessimistic about the global economy. Now that the yen is starting to ease, manufacturers who had really been hurt are coming back"
- Mizuho Asset Management (based on Bloomberg)A formidable level at 80.54 is unlikely to give away in the nearest future, as it is supported by 80.42, 80.00 and 79.55. Consequently, the outlook is from neutral to positive, allowing for the pair to attain 81.49 within the day.
Traders' sentiment
The overwhelming majority of pending orders (73%) on USD/JPY are currently buy orders, accordingly, sell orders are in distinct minority - 27%.
Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 81.34, 81.60 and 81.98.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 80.70, 80.32 and 80.06.
© Dukascopy Bank