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"Higher U.S. rates and concern on Spanish debt could be the short-term drivers, opening up room for higher volatility"
- CitiFX (based on CNBC)
Industry outlook
Even though the general long-term outlook for USD/PY remains positive, at the moment the pair is making a downside correction, which may result in a dip to 80.11. Bullish bias will be restored once 83.40/45 is overcome.
Traders' sentiment
There is little change with SWFX traders' sentiment on USD/JPY currency pair, as bulls continue to dominate the market, constituting 74% of it.
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 82.88. The breakout of this level will pave a way for a bullish run up to 83.33 and then to 83.72.
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 82.04, 81.65 and 81.20.
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