© Dukascopy Bank
"The U.S. economy will probably be firm because consumer confidence is strong"
- Chuo Mitsui Asset Management Co. (based on Bloomberg)
Industry outlook
Provided that a key support area 80.00/79.55 withstands bearish pressure, USD/JPY is well-placed to challenge 81.49/63 in the short-term. Within a longer period the pair should be able to attain a level of 83.80.
Traders' sentiment
The American Dollar is still the most popular currency in the market. Consequently, most of market participants, namely 75%, have preferred to buy the Greenback against the Japanese Yen.
Long position opened
Investors should pay attention to the identified with the help of the standard pivot point method resistance zones, as they might be useful during intraday trading. The initial resistance level is at 80.83, whereas R2 and R3 are situated at 81.19 and 81.60 accordingly.
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 80.06, 79.65 and 79.29.
© Dukascopy Bank