USD/JPY continues to recover

Although initially the bullish momentum of USD/JPY faltered after an encounter with the down-trend resistance line, the upward direction was preserved. Now the currency pair is about to test another significant supply area at 102.91/72, consisting of the monthly PP and 100-day SMA. If this area is overcome, the next objective will be the Apr high and monthly R1 just above the level of 104, as the long-term outlook is positive.

There are slight fluctuations, but the bulls carry on dominating the USD/JPY market by taking 70% of it at the moment. As for the orders, 57% of them are to acquire and 43% are to sell the buck against the Yen.