© Dukascopy Bank
"The sobering reading adds pressure on the Bank of Japan to offer further monetary stimulus"
- Thomson Reuters
пЃ® Industry outlook
The American Dollar - Japanese Yen currency couple approaches resistance zone at 78.22/66, which is likely to withstand the initial attack. Dips are expected to be limited by supports that may be found at 77.29, 77.24/12 and at 76.22.
пЃ® Traders' sentiment
The majority of market participants expect USD/JPY currency pair to decline. Accordingly, 42.21% of all the positions held are bullish, while the largest part, being 57.79% of the market at the moment, is formed by bearish trades.
пЃ® Long position opened
Leading market participants, who have entered USD/JPY market with a buy trade, are expecting to close their positions at the key resistances at 78.16, 78.27 and 78.39.
пЃ® Short position opened
Key support for intraday trading is situated at 77.93. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 77.81 and 77.70.
© Dukascopy Bank