© Dukascopy Bank SA
- BNP Paribas (based on CNBC)
Industry outlook
USD/JPY makes 2 consecutive daily attempts to start a bullish reversal, however the 80.94 resistance line has to be breached first in order to cause it. For now, the pair is likely to slip lower to the lower Bollinger band at the 79.75/50 levels, where the market could stabilised and, eventually, pair previous losses.
Traders' sentiment
The overwhelming majority of market participants (73.39%) expect the Greenback to gain in value against the Yen. However, 26.61% of them do believe in an alternative scenario.
Long position opened
Initial resistance area for the pair is situated at 80.46. Subsequent goals for the bullish market payers may be found at 80.73 and 80.92.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 80.00, 79.81 and 79.54.
© Dukascopy Bank SA