USD/JPY consolidates near 106.90/60

USD/JPY spiked through the demand area at 106.90/60, but in the end the pair managed to recuperate and settle above the 55-day SMA and 38.2% retracement level. Here the US Dollar is in a good position to launch an attack on the monthly PP at 108, also considering that the weekly technical indicators are mostly bullish. Still, there is a substantial possibility of the bears not giving up and forcing the rate to re-visit the support at 105.90/60.

For now the SWFX market cannot agree on the perspectives of USD/JPY—46% of traders believe the pair is bullish and 54% think otherwise. A similar situation is with the orders—a half is to purchase and a half is to sell the Greenback against the Yen.