© Dukascopy Bank
"Japan has clearly shown its intention to stop a further appreciation of the yen, and there is a high chance" for more yen selling"
- Tokai Tokyo Research Center Co. (based on Blooomberg)
Industry outlook
USD/JPY is gradually recovering from 76.00 support. Resistances at 76.87 and 77.16 will stand in its way, hampering bullish movement. Dips below 76.00 should be limited by supports at 75.30 and 75.00.
Traders' sentiment
Traders' sentiment has become neutral on USD/JPY, as the quantity of bullish trades is equal to the quantity of bearish trades at the moment.
Long position opened
Major market participants are likely to close their long positions at the key resistance levels. The primary short-term target will be reached at 76.73. The breakout of this level will pave a way for a bullish run up to 76.92 and then to 77.04.
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 76.42, 76.30 and 76.11.
© Dukascopy Bank