USD/JPY confirms demand at 108

Despite the elevated risk of 108 failing to keep USD/JPY afloat, in the end the support managed to fend off the bears. Now the Greenback is set to resume its journey north en route to this year's main peak at 110, and the weekly studies suggest the tailwind will accompany the pair. In the meantime, any sudden dips beneath the immediate support will be expected to be limited by the 55-day SMA at 107.50, while even more demand is seen at 106.60 (38.2% Fibo).

A majority of the SWFX market is pessimistic regarding the prospects of USD/JPY—60% of open positions are short. Concerning the commands set 100 pips from the spot, 57% are to acquire the US Dollar against the Yen.