© Dukascopy Bank
"The indication from BOJ board members over the last week or so has been that they are considering further policy easing. The yen has been unambiguously weaker"
- ANZ (based on Bloomberg)
Industry outlook
USD/JPY is soon to encounter a tough resistance at 81.93, breach of which would dispel doubts regarding the resumption of a long-term bullish move by the currency couple. Then the pair will aim for 83.31 and 84.19.
Traders' sentiment
The share of bullish traders has risen up to 75%, meaning that more market participants are entering the market with buy trades.
Long position opened
The initial resistance level for intraday trading is 81.82. Bulls might establish additional targets at 82.06 and 82.39 if the US Dollar appreciates more.
Short position opened
Key support for USD/JPY intraday trading is situated at 81.25. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 80.92 and 80.68.
© Dukascopy Bank