© Dukascopy Bank
"Firmness in the U.S. economic data appears to be reducing the need for easing for now. So unless global shares fall sharply, the yen is likely to come under pressure for the time being"
- CNBC
Industry outlook
The currency pair is now expected to start full blown recovery, as it has found a strong support at 80.82 and is headed towards 82.00/12. A close above 82.00/12 would confirm serious intentions of USD/JPY to surge further.
Traders' sentiment
The absolute majority of market participants (73%) have preferred to acquire the US Dollar against the Japanese Yen, expecting it to appreciate.
Long position opened
Largest brokers set a new long position target as a break of 81.06 is an encouraging bullish sign en route to 81.28. If the uptrend remains, the third target for intraday trading will be 81.65.
Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 80.47. If the pair erodes this level, then it might rebound from S2 of 80.10 or S3 of 79.88.
© Dukascopy Bank