USD/JPY is on a slide

USD/JPY is affected by reduced risk appetite in the market, as traders are more keen to purchase safer assets, such as the Japanese Yen. Today the pair continues to depreciate, as it settled beneath the monthly R2 at 98.74 and moves lower towards the weekly S1 at 97.70. However, the pair still remains under a strong upside trend and any bearish positions are very risky.

The vast majority of traders are bulls in the USD/JPY pair, as 76% of SWFX market participants bought the U.S. Dollar against the Japanese Yen. Placed orders market delivers similar sentiments, as 73% of orders are waiting to buy the USD/JPY.