USD/JPY returns to 97.95/82

Although the 200-day SMA has already been breached, the rising support trend-line at 97.95/82 is keeping USD/JPY afloat. In case it is violated, the rate could plunge yet another 70-80 pips in the nearest future before finding any solid ground. Nevertheless, in the end the buck should manage to re-establish its bullish outlook, as suggested by the majority of the monthly technical indicators.

The proportion of bullish market participants in USD/JPY has increased even more after the last update. Now 72% of all the positions are to benefit from a rally in USD/JPY, whereas negative towards the currency pair bias is shared by only 28% of the SWFX market participants.