© Dukascopy Bank
"Investors are likely to take profits today with a lack of news to move the yen. But with a positive housing report expected from the U.S. and hopes for some easing from Japan's central bank"
- Okasan Securities Co. (based on Bloomberg)
Industry outlook
USD/JPY currency pair seems to be weakening in the short-term. This may allow for a drop down to 82.23. Nonetheless, support at 81.98/61 should be able to preserve the overall long-term bullish bias.
Traders' sentiment
The difference between the shares of bullish and bearish positions on USD/JPY has widened to 20%, signifying that the majority of traders expect the US Dollar to continue appreciating against the Japanese Yen.
Long position opened
Major market participants are likely to close their long positions at the key resistance levels. The primary short-term target will be reached at 83.87. The breakout of this level will pave a way for a bullish run up to 84.28 and then to 84.63.
Short position opened
The immediate support line is at 83.11. Should the price step even lower, it will encounter subsequent levels at 82.76 and 82.35, where recovery might start.
© Dukascopy Bank