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It seems that traders are getting less optimistic about the pair as well, as the proportion of bulls fell below 70%, from 90% a couple of weeks earlier. Nevertheless, the pair is expected to reach 102.60 by this Friday. The scenario looks not really probable, especially keeping in mind a strong resistance at 102.45, represented by a weekly pivot, daily R2 and a 200-period SMA (4H chart). The overall sentiment is still bullish, with 72% of all opened positions being long, while attitude towards the greenback is still extremely bullish, with American currency being bought in 71% of the time. At the same time, traders still believe in Yen's depreciation, as Japanese currency is sold in 60% of the all cases across the board. Despite ‘buy' signals from the market sentiment, the consensus forecast stands above last week's average price of 102.38, when Japan's industrial production fell short of market's expectations, while figures from the U.S. labour market only supported the case for the upcoming rate hike early next year.
Trader Geula4x agrees with the above-mentioned opinion, by saying "USD/JPY seems to be on slightly bearish momentum in the daily chart. Support lies at 101.32, April 11th daily low. Resistance lies at 103.00 round number and close to May 2nd daily high. The big wick at the top of that red candle clearly shows resistance there." Juandata, also believes technical analysis is bolstering the case of a retest of 101.40 later this week.
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