USD/JPY to settle above 99.36

USD/JPY wobbles above the monthly R1, but is nevertheless poised for gains in the long run, being that beneath are strong demand areas and the monthly indicators are bullish. The supports the currency is not supposed to cross for the bias to remain positive is the 200-day SMA (currently at 98.63) and the upward-sloping trend-line that passes through all of the major troughs since the beginning of February (currently at 97.96).

According to the present positioning of the SWFX market participants, the exchange rate is substantially more likely to move up than down—74% of all the open positions on the pair are long and only 26% are short. As for the orders, exactly 70% of them are to purchase the U.S. Dollar.