USD/JPY fights supply at 102.33/19

Despite a fairly strong bullish impetus USD/JPY demonstrated yesterday, the resistance at 102.33/19 remains intact. And, since the short-term indicators are bearish, we may soon see a pullback from the falling trend-line back to the 200-day SMA, which appears one of the few supports actually capable of influencing direction of the pair. Still, in the long run the U.S. Dollar should prove to be able to appreciate relative to the Yen.

On average SWFX traders remain strongly convinced that eventually the greenback is going to gain ground. This is evidenced by a notable skew in the distribution between the long (71%) and short (29%) positions in favour of the former.