© Dukascopy Bank
"The BOJ has strengthened its pledge to keep monetary policy easy for the time being"
- Bank of Tokyo-Mitsubishi UFJ (based on WSJ)
Industry outlook
USD/JPY is about to challenge 78.06/29 (200 day ma) and is expected to continue rising afterwards, as both short- and long-term outlooks are positive for the pair. Supports situated at 77.22/76.75 and at 76.00 should halt dips.
Traders' sentiment
The difference between the amounts of long and short trades on USD/JPY has widened. The currency pair is now oversold, as the ratio between bulls and bears is 43% to 57%.
Long position opened
Investors should pay attention to the identified with the help of the standard pivot point method resistance zones, as they might be useful during intraday trading. The initial resistance level is at the level of 77.76, whereas R2 and R3 are situated at 77.97 and 78.15 accordingly.
Short position opened
Key support for USD/JPY intraday trading is situated at 77.37. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 77.19 and 76.98.
© Dukascopy Bank