USD/JPY recovers from 102

Even though the most recent price action has been fairly chaotic, the 38.2% retracement of the November-December rally seems to provide support. Another explanation of a current rebound from 102 could be emergence of an ascending triangle, if we look at the bars formed since Feb 3. In this case the surge will be in danger once USD/JPY approaches 102.50, a potential horizontal resistance line.

While market participants' attitude towards other instruments started to change, their view of USD/CHF remains strongly bullish, being that 72% of open positions are long. At the same time, the distribution between the buy and sell orders is heavily skewed in favour of the former, right now their portion amounts to 67%.