© Dukascopy Bank
пЃ® Industry outlook
The bias for USD/JPY is slightly bearish, with the possibility of the currency couple dipping down to 77.00, since a tough resistance located at 78.25 is expected to repel rallies. However, the price should first violate a rather strong support at 77.50.
пЃ® Traders' sentiment
The portion of bullish traders has dropped significantly, turning the sentiment bearish. At the moment 40.6% of market participants are holding long trades, whereas 59.4% of them stay bullish on the pair.
пЃ® Long position opened
The break of the short-term resistance line 77.87 would pave the way for the pair to rise up to 78.11. The clearance of the second daily resistance level would establish a new target for traders at 78.25.
пЃ® Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 77.49. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 77.35 and 77.11.
© Dukascopy Bank