© Dukascopy Bank
"As long as European growth underwhelms, the euro will continue to underperform the U.S. dollar, yen and probably also the rest of the major currencies"
- Bank of New Zealand Ltd. (based on Bloomberg)
Industry outlook
The pair has managed to stabilize ahead of 76.22 and is now gaining bullish momentum in order to try and pierce through a key resistance located at 77.89. In case the latter level is breached, subsequent resistances at 78.82, 79.67 and 80.00 will come into play.
Traders' sentiment
Neither type of position on USD/JPY currency pair whether it is long (47.5%) or short (52.5%) significantly outweighs the other in SWFX market, making the current sentiment neutral on the price.
Long position opened
The price might rebound from the first resistance level at 77.21, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 77.46 and 77.59.
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 76.83, 76.70 and 76.45.
© Dukascopy Bank