© Dukascopy
"The incoming data on consumption, business spending and residential investment all point to GDP growth in the fourth quarter tracking 3.3 percent"
- State Street Global Markets (Bloomberg)
Industry outlook
USD/JPY continues to distance itself from 79.44 and is slowly crawling below 76.94. Supports at 75.94 and 75.31 are expected to halt bearish movement, while the price has to close above 80.44 to regain bullish momentum.
Traders' sentiment
The tables have turned for USD/JPY, since now the short positions outnumber long ones. Bearish investors constitute the majority with 58.47%, whereas bulls are 41.53% of the market at the moment.
Long position opened
FX market participants have put their take profit orders at the key resistance points of intraday trading. Some of the investors might close their deals at 77.05 and 77.15. The weakest level is at 77.31.
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 76.89, 76.82 and 76.65.
© Dukascopy