© Dukascopy Bank
- Royal Bank of Canada (based on Reuters)
пЃ® Industry outlook
USD/JPY is facing a number of strong resistances located above, but nevertheless is expected to surge while breaking through 78.14/47, 79.08 and 80.00. Dips are to be limited by supports at 77.29, 77.27/13 and 76.22.
пЃ® Traders' sentiment
The difference between the amount of long and short trades in USD/JPY market has narrowed. At the moment 55.24% of all the positions are bullish, while 44.76% are currently bearish.
пЃ® Long position opened
The break of the short-term resistance line 77.96 would pave the way for the pair to rise up to 78.13. The clearance of the second daily resistance level would establish a new target for traders at 78.31.
пЃ® Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 77.61. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 77.43 and 77.26.
© Dukascopy Bank