FXstreet.com (San Francisco) - USD/JPY ended up 15 pips on Friday at 78.45 after trading a broad range between 78.07 and 78.67.
As Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes, “the biggest change in the net positions in the currency futures took place in the yen, where the net long position more than doubled to 25.1k contracts from 11.1k,” he says. “This is the largest net long position since the middle of February.”
At the time of writing, USD/JPY is quoted in the 78.50 price zone, with support levels noted at 78.40, 78.10 and 77.90, while resistance levels lie at 78.80, 79.00 and 79.25.
“Overall, the pair holds a neutral stance, with the downside favored in the short term, with a new approach to the 78.00 price zone expected for today,” comments Valeria Bednarik, Chief Analyst at FXstreet.com.
As Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes, “the biggest change in the net positions in the currency futures took place in the yen, where the net long position more than doubled to 25.1k contracts from 11.1k,” he says. “This is the largest net long position since the middle of February.”
At the time of writing, USD/JPY is quoted in the 78.50 price zone, with support levels noted at 78.40, 78.10 and 77.90, while resistance levels lie at 78.80, 79.00 and 79.25.
“Overall, the pair holds a neutral stance, with the downside favored in the short term, with a new approach to the 78.00 price zone expected for today,” comments Valeria Bednarik, Chief Analyst at FXstreet.com.
