USD/JPY rises beyond 97.05/96.98

If it was not for a formidable resistance zone at 97.81/52, USD/JPY would probably be considerably higher, but right now it is still struggling with the weekly R1 and an intersection point of simple moving averages for 20 and 100 periods. Today could be the sixth bullish day for the currency pair after it reversed the direction 150 pips above the key support at 92.32/09.

Traders' extremely bullish stance on USD/JPY (73% of positions are long) continues to pay off, following a precipitous decline through some of the major support levels during the last months. The ratio between the buy and sell orders remains stable, 60% are to buy and 40% are to sell the buck.