USD/JPY is well-supported by 101

The currency pair seems to have received a strong bullish impetus after touching the horizontal support at 101 last week. However, it might not be enough to overcome the supply that lies overhead, even though the monthly indicators say it is possible. The nearest resistance is represented by the recently breached trend-line and weekly PP. If the rally is extended, it will encounter the monthly PP and 55-day SMA.

At the moment three out of four traders prefer to hold long position on the Greenback (70% at the time of the previous report). At the same time the buy orders (64%) also have a noticeable advantage over the sell ones (36%).