USD/JPY slides beneath 102

Although we were considering 102 to be a reliable support, the price has already dipped down to the weekly S1, thereby delaying an expected recovery even further into the future. Should the 38.2% Fibo retracement, in conjunction with the demand at 101.68/66, fail to underpin the pair, USD/JPY will likely descend down to 101-100.50 region (200-day SMA, monthly S1 and 50% Fibo).

SWFX market participants are taking advantage of U.S. Dollar's cheapness and are increasing their exposure towards the currency. Since yesterday the share of long positions has gone up from 72% to 75%. Speaking of the orders, the distribution between the pending buy (69%) and sell (31%) commands is more or less stable.