© Dukascopy Bank
"The market is in a risk-off environment, so the yen is more likely to be bought. It's quite possible that the yen will strengthen beyond 80 per dollar"
- Sumitomo Mitsui Banking Corp. (based on Bloomberg)
Industry outlook
Even though USD/JPY was unable to consolidate above 81.49/63, the long-term bias remains bullish for the pair. Once this level is overcome, we might observe a rally up to 82.23. Supports are at 80.42/50 and 80.00/79.95.
Traders' sentiment
The overwhelming majority of market participants (73%) expect the Greenback to gain in value against the Yen. However, 27% of them do believe in an alternative scenario.
Long position opened
Initial resistance area for the pair is situated at 81.45. Subsequent goals for the bullish market payers may be found at 82.01 and 82.45.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 80.45, 80.01 and 79.45.
© Dukascopy Bank