© Dukascopy Bank
"The dollar is likely to get a lift against the yen if oil prices keep rising"
- Mizuho Corporate Bank (based on WSJ)
Industry outlook
The currency couple is presently approaching a resistance area at 81.49/63, which is unlikely to hamper bullish move. USD/JPY is preserving upward momentum and may advance up to 83.80 in days to come.
Traders' sentiment
USD/JPY currency pair is overbought by SWFX marketplace participants. 77% of them have entered the market with a buy trader, while 23% entered the market with a sell trade.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 81.38. If the pair manages to go through this level, further resistances are situated at 81.66 and 81.94.
Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 80.82. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 80.54 and 80.26.
© Dukascopy Bank