© Dukascopy Bank
"Manufacturing has benefited from exports to emerging markets. The more resilient those economies are, the better it is for U.S. manufacturing"
- State Street Global Markets LLC (based on Bloomberg)
Industry outlook
USD/JPY currency pair has formed a base near 76.58 support level and is looking to make an attempt to pierce through 77.69. In either case subsequent resistances are situated at 78.49, 79.56 and 80.00.
Traders' sentiment
SWFX Sentiment Index on USD/JPY is little changed since yesterday. The portion of longs has slightly increased up to 58%, while the share of short trades has been reduced to 42% of the market.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 76.91. If the pair manages to go through this level, further resistances are situated at 77.00 and 77.13.
Short position opened
Major FX traders expect the price to test the initial support level at 76.69. The breakout of this line will pave the way for the price to test S2 at 76.56 and S3 at 76.47.
© Dukascopy Bank