USD/JPY retreats to 50% Fibo

The U.S. Dollar proved to be still vulnerable to the negative fundamental surprises and gave up even more of its positions. As a result, USD/JPY breached a number of supports, including 38.2% Fibo and the 100-day SMA. Nevertheless, it is still likely that the 50% Fibo and the monthly S1 will prevent further buck's depreciation and restore the bullish trend of the pair.

While previously there has been only a slight prevalence of bulls, now they take up the absolute majority of the market—74% of all open positions on USD/JPY are long. A similar growth was observed in the buy orders, the share of which advanced from 57% to 66%, compared to the yesterday's report.