USD/JPY still backed up by major up-trend

While the major 18-month rising trend-line continues to prove to be resilient by underpinning USD/JPY, its strength may soon be exhausted, as the currency pair remains unable to finally take off. The monthly technical studies are currently in favour of a surge, but the resistances at 102.26/07, formed by the moving averages, and at 102.91, represented by the monthly R1, do not let the bulls to take control of the market.

Just as yesterday, almost three out of four traders (74%) believe the U.S. Dollar is going to appreciate relative to the Japanese Yen. In the meantime, the share of orders to buy the Dollar went down from 67% to 60%.