USD/JPY rebounds from 101.20

USD/JPY seems to be well-underpinned by 101.20, but it could be only a pull-back to the recently breached up-trend before another, even stronger, bearish wave. But this will be decided once the pair rises up to 102.15. If the U.S. Dollar continues the recovery from there, there will be a high possibility of the price re-visiting this year's high at 104. Conversely, should the bears prevail, the support represented by 2014 lows will be expected to be broken.

Traders appear to have been encouraged by USD/JPY finding support—the percentage of long positions went up from 70% to 72%. Meanwhile, the share of buy orders 50 pips from the spot plummeted from 70% to 59%.