USD/JPY is testing 92.66

Weekly technical studies reveal that USD/JPY still carries an upside potential, but a resistance line at 92.66 has already interfered with the emerging rally, limiting the advancement. Subsequent levels should prove to be even stronger, if approached. They are to be found at 93.16/14 and 93.85. Meanwhile, dips are expected to be contained by the supports at 92.06/91.93, 91.36 and a main one at 90.82/52.

The Japanese Yen is far behind the U.S. Dollar in the rankings of popularity among the traders, on average being acquired in only 31% of cases. Accordingly, the bulls dominate USD/JPY, where 72% of positions are in favour of a stronger greenback. At the same time the number of buy orders (69%) exceeds the amount of sell ones (31%).