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"The downside risk to U.S. growth is fairly limited from here"
- Russell Investment Group (based on Bloomberg)
Industry outlook
As long as a key support at 80.86 is not violated, USD/JPY is likely to carry on advancing. The pair has already overcome 82.23 and should reach 83.80 soon enough. Within a longer time span, 85.53 and 86.80 are expected to be attained.
Traders' sentiment
More traders (82%) foresee a fall of Yen's value comparative to the American Dollar since the last report. Accordingly, 18% of them believe in an alternative scenario.
Long position opened
Major market participants are likely to close their long positions at the key resistance levels. The primary short-term target will be reached at 82.90. The breakout of this level will pave a way for a bullish run up to 83.35 and then to 84.07.
Short position opened
A part of the brokers will close their short positions near initial support level at 81.73. In case of downtrend continuation, the pair might rebound from the S2 at 81.01 or S3 at 80.56.
© Dukascopy Bank