© Dukascopy Bank SA
"Despite the year-end deals going through and dovish comments from the Fed's Bernanke, we're seeing the dollar is resilient against the yen"
- The Bank of Tokyo-Mitsubishi UFJ (based on Reuters)
Industry outlook
The pair still holds above the 82.18 support level, maintaining a bullish momentum. For now, the market struggles to pass the 83.20 level. If this line is successfully pierced, the next targets will be located at 84.10/19.
Traders' sentiment
The majority of market participants (72.20%) currently are anticipating USD/JPY to advance further versus 27.80% of short positions holders.
Long position opened
Investors should closely watch the initial resistance line at 83.19. R2 at 83.51 and R3 at 83.80 with high probability are going to be the next targets on Wednesday if the market keeps the bullish impetus.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals with the approximate targets at 82.58, 82.29 and 81.97 today.
© Dukascopy Bank SA