© Dukascopy Bank
"If the U.S. economy continues as it has, you've got a very clear case for further dollar-yen strength"
- Bank of New York Mellon Corp. (based on Bloomberg)
Industry outlook
As long as a key support area at 82.40/81.90 remains intact, USD/JPY currency couple is viewed as bullish and should soon recommence advancing towards 85.53. On the way there the pair will encounter resistances at 83.98 and 84.51.
Traders' sentiment
The gap between bulls (65%) and bears (35%) in terms of amounts have widened even further and USD/JPY is now overbought to a large extent.
Long position opened
Largest brokers set a new long position target as a break of 83.59 is an encouraging bullish sign en route to 83.85. If the uptrend remains, the third target for intraday trading will be 84.13.
Short position opened
Key support for USD/JPY intraday trading is situated at 83.05. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 82.77 and 82.51.
© Dukascopy Bank