USD/JPY hovers at 93.52/48

The currency pair failed to keep fast pace of appreciation, showing willingness to close the bearish gap prior to recommencing a recovery. Currently USD/JPY is underpinned by 93.52/48, but we may also see a pullback down to 92.86/50, whereas bulls are unlikely to allow further depreciation of the U.S. Dollar from there. They are in turn expected to drive the price up to 95.33/94.70 once again to rechallenge the area.

Even though the share of bulls in the market has decreased, a notable majority of them (69%) is still anticipating continuation of a rise, while merely 31% of them believe in an alternative scenario. A similar situation is observed with orders, as 72% of traders plan on buying the greenback against the Japanese Yen.