© Dukascopy Bank
"The data suggest that Japan's economy is doing better. From a fundamental perspective, this is likely to be positive for the yen"
- Forecast Pte (based on Bloomberg)
Industry outlook
As long as a key support at 83.38/82.38 manages to underpin the currency pair, USD/JPY will remain bullish and should aim for 85.53 in the long-term. However, if 82.38 is violated, additional supports at 81.87 and 80.58 might be able to contain further dips.
Traders' sentiment
The majority of positions opened on USD/JPY are currently long, as most of market participants have preferred to buy the US Dollar against the Japanese Yen, expecting the Greenback to appreciate relative to the Asian currency.
Long position opened
The initial resistance level for intraday trading is 83.90. Bulls might establish additional targets at 84.39 and 84.70 if the Dollar appreciates even more.
Short position opened
Bearish market players will pay attention to a near-term support at 83.10. The downtrend continuation will establish following targets for traders: S2 at 82.79 and S3 at 82.30.
© Dukascopy Bank