© Dukascopy Bank
"We're monitoring the currency market with great interest, and I won't be swayed by daily movements. Our reaction will be determined by examining trends in currencies"
- Jun Azumi, Japanese FM (based on Bloomberg)
Industry outlook
In the short-term the currency couple remains bearish, as it is likely to break a support at 80.56 and dip down to 80.11 preceding to a robust recovery. Resistances are situated at 81.87, 82.00 and 82.52.
Traders' sentiment
The situation with traders' sentiment on USD/JPY is little changed since yesterday. Bulls form 71% of the market, whereas bears are in distinct minority (29%).
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 81.12. The breakout of this level will pave a way for a bullish run up to 81.40 and then to 81.67.
Short position opened
The immediate support line is at 80.57. Should the price step even lower, it will encounter subsequent levels at 80.30 and 80.02, where recovery might start.
© Dukascopy Bank