© Dukascopy Bank
"The dollar will rise moderately, and I expect it will hit JPY80 by March"
- Royal Bank of Scotland (based on WSJ)
Industry outlook
As long as a key support at 76.70/20 is not violated, the outlook will stay bullish for USD/JPY. The currency couple did not manage to breach resistance at 78.25/35 (200 ma) and is thus likely to step lower.
Traders' sentiment
Even though the Japanese Yen is the least popular currency at the moment, while the American Dollar, on the contrary, is demanded the most, bulls (58%) do not exceed bears (42%) to a large extent.
Long position opened
The initial resistance level for the pair is 77.74. If the price continues increasing, the investors will hold longs until the pair climbs up to 78.03 or 78.26.
Short position opened
Key support for USD/JPY intraday trading is situated at 77.22. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 76.99 and 76.70.
© Dukascopy Bank