USD/JPY to look for support at 102.04

Not without certain difficulties, but last week USD/JPY gained a foothold above the 38.2% Fibonacci retracement level of the November-December rally, thereby confirming its bullish intentions. Nevertheless, the upward impetus still appears to be fragile, as the tendency to rise was not strongly pronounced, but instead was associated with increased volatility.

The distribution between the bullish and bearish market participants is exactly the same as last week, when 74% of open positions were long and 26% were short. Meanwhile, we have spotted a strong change in the portion of buy orders—since Friday their share has soared from 62% up to 72%.