© Dukascopy
"Bernanke's comments were more dovish than markets expected and that's being reflected in the dollar"
- Standard Chartered (based on WSJ)
Industry outlook
The pair held above the 82 key level and is attempting to retain the bullish momentum. If the market maintains the bullish momentum, the 83.56 and 84.10 could become the next targets in the short-term.
Traders' sentiment
The majority of market participants (72.96%) presently are keeping long positions on USD/JPY, waiting for the US Dollar to appreciate relatively to the Japanese Yen.
Long position opened
Investors should closely monitor the initial resistance line at 83.08. In case it fails to hold, R2 at 83.36 and R3 at 83.72 could be the next targets for the bullish investors.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals with the approximate targets at 82.44, 82.084 and 81.80.
© Dukascopy