USD/JPY is being pulled towards 92.93/50

After the first two days of the week without any activity USD/JPY has revealed its propensity to decline. This tendency is estimated to end near the bullish trend-line, namely at 92.93/50, which is also reinforced by the 20-day SMA and a weekly S1. Probability of a deeper move is low, buy may entail a considerable drop if it materialises, bearing in mind that there are no additional formidable support levels nearby.

An overwhelming majority of market participants (72%) are still long on USD/JPY, anticipating resumption of an up-trend, whereas merely 28% of them have positioned themselves against the trend. Meanwhile, preponderance of buy orders over the sell ones is also evident, as the former constitute 72% of the total number.