USD/JPY is set to rebound from 101.16/00

Considering that 102.31/101.92 was insufficient to underpin the pair, USD/JPY is expected to descend down to 101.16/00 prior to an attempt to recover. There the 50% Fibonacci retracement level should provide enough support, just as during the first days of February. Alternatively, if the bearish pressure persists, there will also be the monthly S1 and the 200-day SMA nearby.

Traders did not rethink their attitude with respect to USD/JPY—the overwhelming majority (71%) keep holding long positions, anticipating the greenback to become more expensive relative to the Japanese Yen. In the meantime, the gap between the buy (66%) and sell (34%) orders narrowed.