USD/JPY remains flat

As the 100-day SMA did not succeed at backing up USD/JPY, the support at 102.24/04 had to come into play to prevent further extension of the dip. Considering that the technical studies are mixed, the rate may stay glued to 102, but the overall outlook remains bullish. This is evidenced by intactness of the key supports, such as the 200-day SMA at 100.50 and the up-trend at 100.

The current situation in USD/JPY market is exactly the same as yesterday—70% of open positions are long, leaving bears in a distinct minority with only 30%. The buy orders placed 100 pips from the spot are in majority as well, they take up 68% of all the pending commands.