© Dukascopy Bank
"Disappointment [of labour data] increases the likelihood that [Fed] will move forward with QE3 later this summer in an attempt to further bolster employment growth"
- BNY Mellon (based on CNBC)
Industry outlook
USD/JPY stays below an accelerated downtrend resistance at 80.84, implying that bearish bias should persist. Accordingly, the pair targets 79.15/78.90 (55 week ma), encounter with which, however, may reverse the price's course.
Traders' sentiment
Being that the Japanese Yen is the least popular currency at the moment, USD/JPY is currently dominated by long trades, which constitute 73% of the market.
Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 80.24, 80.61 and 80.84.
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 79.64, 79.41 and 79.04.
© Dukascopy Bank