USD/JPY feels support from 102.20

As it turns out, the support at 102.20, consisting of the weekly PP and 38.2% Fibonacci retracement of the November-December advancement, should be enough to keep the pair afloat. Once USD/JPY stabilises, it will be expected to aim for 102.77/72, the level which has recently triggered a strong sell-off. Nevertheless, eventually this hurdle is likely to be overcome, as the long-term perspectives are considered to be bullish.

Though USD/JPY is struggling to recover, the traders are strongly convinced that in the end the U.S. Dollar will appreciate relative to the Yen, as 71% of open positions are long. Concerning the orders, 65% of them are set to buy the buck against the Asian currency.