USD/JPY preserves upward momentum

After topping out at 102.74 USD/JPY returned back to the support zone, which is mainly created by the 100-day SMA and the 38.2% Fibonacci retracement level of the November-December advancement. And even though on the whole the indicators are giving mixed signals, there is a good chance that the U.S. Dollar will stay on a long-term bullish path.

At the moment nearly three our of four traders (74%) reckon that the exchange rate will go up in the future, believing it has already reached the bottom. Moreover, we may claim that USD/JPY is presently standing near considerable demand zone—65% of pending orders are to purchase the greenback.