USD/JPY tries 200-day SMA

Although there was a large downside spike yesterday, the bulls managed to regain control of the market and pushed USD/JPY towards 101.82/73. This resistance is mainly created by the 200-day SMA and may thus prove to be hard to breach. But for the currency pair to confirm its long-term bullish intentions the price will also have to rise above 102.24/16, a combination of the 55 and 100-day SMAs with the major up-trend.

After a brief dip (down to 70%) the percentage of long positions returned to its more familiar level—74%, meaning the sentiment is likely to stay bullish for some time. Meanwhile, the share of buy orders 50 pips from the spot plunged from 71% down to 40%.