USD/JPY attempts to erode 97.64

USD/JPY's behaviour after the FOMC meeting was consistent with the reaction of other currency pairs, namely characterised by a pronounced appreciation of the Dollar. Nevertheless, the advancement has not resulted in a breach of any key trend-lines yet, but it may soon be the case that the rate exits the falling wedge pattern it has been forming the past 30 days. This event is likely to be followed by additional gains despite the moving averages that are positioned overhead.

The percentage of the traders with Dollar-bullish bets diminished, but their overwhelming advantage over the bears still persists, being that the former take up 73% of the market. Meanwhile, the share of buy orders contracted from 73% to 67%.