USD/JPY to find support at 97.34/04

As expected, the demand zone between 97.34 and 97.04 is keeping the exchange rate afloat, so that USD/JPY has great chances to commence a recovery from here. However, the advancement may not be straightforward, especially considering that the path towards 102 will be obstructed by the resistances that have mostly gathered between 98.82 and 98.17.

An overwhelming majority (74%) of the SWFX market participants are planning to exploit appreciation of the U.S. Dollar relative to the Japanese Yen, being that they are currently holding long positions. As for the orders, 61% are to buy and 39% are to sell the buck against the Yen.