© Dukascopy Bank
"The amount isn't much as a percent of Japan's economy, so the impact on the yen was limited, but it "has added a slight risk-on tone to the markets in general."
- Société Générale (based on MarketWatch)
Industry outlook
USD/JPY is trapped between the 81.33 and 80.10 levels and if the pair fixes today below the latter level, it could expose the further support lines at 79.80/79.99, where the pair could recover, hitting the lower boilinger band.
Traders' sentiment
USD/JPY is overbought to a considerable extent, being that long positions make up 70.06% of the market, while short ones form only 29.94% of it.
Long position opened
Initial resistance area for the pair is situated at 81.06. Subsequent goals for the bullish market payers may be found at 81.86 and 82.27.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 79.85, 79.44 and 78.64.
© Dukascopy Bank