USD/JPY contained by 100-day SMA

USD/JPY continues to put pressure on the recently breached up-trend and 100-day SMA but for now to no avail. Still, if the monthly indicators turn out to be true and the U.S. Dollar rises above 102.11, there will be a good opportunity for the currency to extend the surge further, towards the 2014 high at 104. In case the bulls fail, they will have a second chance at 101.91/78—a dense demand zone mainly created by the monthly PP and 55-day SMA.

An overwhelming majority of the SWFX market participants believe the buck will appreciate in the future, namely 74% of them. In the meantime, the share of the buy orders 100 pips from the spot declined from 60% to 54% compared to the previous report.