© Dukascopy Bank
"If the jobs data comes in strong, we could see the dollar rise another 1.5 yen or so"
- Mizuho Corporate Bank (based on CNBC)
Industry outlook
USD/JPY is expected to struggle at 81.49/63 today and then resume advancing toward 82.23 en route to 83.80, which is a long-term goal. Dips should be limited by supports at 80.42 and 80.00.
Traders' sentiment
The absolute majority of traders (83%) have bought the American Dollar against the Japanese Yen, making the sentiment bullish on USD/JPY.
Long position opened
The initial resistance level for the pair is 82.07. If the price continues increasing, the investors will hold longs until the pair climbs up to 82.36 or 82.85.
Short position opened
Bearish market players will pay attention to a near-term support at 81.29. The downtrend continuation will establish following targets for traders: S2 at 80.80 and S3 at 80.51.
© Dukascopy Bank