© Dukascopy Bank
"We made a judgment that [stealth intervention] was the most effective way to counter the yen's rise"
- BoJ (based on WSJ)
Industry outlook
USD/JPY carries on recovering from 76.00 and has already extended its rally up to 77.17/32 (55 and 100 day ma). Additional resistance is provided by 77.26/43, above which the pair should target 78.12/29.
Traders' sentiment
Traders' sentiment on USD/JPY has drifted away from being neutral and is now bullish, as the majority of traders (54%) stay long on the pair, while 46% of them wait for the currency couple to drop.
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 77.25, 77.45 and 77.73.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 76.77, 76.49 and 76.29.
© Dukascopy Bank