USD/JPY is well-supported at 102.22/00

Although the technical indicators are finally in favour of a recovery, the bullish momentum is struggling to gain traction ahead of the resistance at 103.00/102.91. This supply area consists of the weekly and monthly R1 and needs to be broken in order for USD/JPY to confirms its intentions to re-challenge April's high at 104. In the meantime, the dips should be limited by a dense demand zone at 102.22/00, consisting of the 20, 55, 100 and also 200-day SMAs.

The sentiment of the SWFX marketplace towards USD/JPY is explicitly bullish, as the ratio between the long (72%) and short (28%) positions open is completely unchanged since the previous report.