© Dukascopy
"Japan has little chance of succeeding in pegging its currency at a certain level because yen trading volumes and the size of its economy are much bigger"
- Reuters
Industry outlook
It seems that USD/JPY has based upon a support situated at 76.94 and is not willing to move in any direction. Nevertheless, in the long-term it is expected to commence advancing toward 79.44 and afterwards surge up to 80.44.
Traders' sentiment
Even though the bulls presently outnumber the bears, the advantage is not yet significant. 55.48% of traders anticipate USD/JPY to rise, while 44.52% believe the greenback will soon decrease in value.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 77.19. If the pair manages to go through this level, further resistances are situated at 77.31 and 77.61.
Short position opened
Bearish market players will pay attention to a near-term support at 76.89. The downtrend continuation will establish following targets for traders: S2 at 76.72 and S3 at 76.43.
© Dukascopy