© Dukascopy Bank
"The near-term seems awfully likely to take dollar/yen higher"
- Credit Suisse (based on CNBC)
Even though USD/JPY is facing a number of resistances at the moment - 79.17/20 (55 week ma), 79.55 and 80.00/25, the bias is nevertheless bullish. Supports at 78.43/29 and 78.04 should be able prevent any extensive dips.
Traders' sentiment
Traders' sentiment on USD/JPY currency pair has become neutral, as similar quantities of traders expect US Dollar's price to go up (48%) and to go down (52%).
Long position opened
The initial resistance level for intraday trading is 79.14. Bulls might establish additional targets at 79.35 and 79.74 if the Greenback appreciates even more.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 78.54. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 78.15 or 77.94.
© Dukascopy Bank