© Dukascopy Bank
"The Bank of Japan is off to a good start, but pushing it on requires being bullish on the U.S. economy and the potential open-endedness of policy easing in Japan"
- UBS AG (based on Bloomberg)
Industry outlook
After bouncing off 81.83, USD/JPY is now well-placed to retest 83.40, above which the pair will aim for 85.53 and 86.80. In the meantime, levels situated at 82.73, 81.97 and 81.83 are expected to provide sufficient support.
Traders' sentiment
Even though the share of bullish market participants has diminished, traders' sentiment remains positive to a large extent, as the ratio between the longs and the shorts is 71% to 29%.
Long position opened
Initial resistance area for the pair is situated at 83.16. Subsequent goals for the bullish market payers may be found at 83.54 and 84.21.
Short position opened
Bearish market players will pay attention to a near-term support at 82.11. The downtrend continuation will establish following targets for traders: S2 at 81.44 and S3 at 81.06.
© Dukascopy Bank