USD/JPY gently appreciates from weekly S1

Even thought the major Asia's currency pair depreciates and has just settled beneath a long term support level at 97.81, USD/JPY bounced to the weekly S1 at 96.98. The price fluctuates around it for a third day, but signs of stronger bearish sentiments are not seen yet. Considering further depreciation, the pair will experience a lot of difficulties, as just a bit lower than the spot price, at 96.60, the monthly pivot point intersects the Bollinger band. Also, another 30 pips lower, at 96.20 the 55-day SMA forms a support together with the weekly S2 level.

Strongly negative towards the Japanese Yen sentiments are unchanged and the buy side in USD/JPY remains exactly as big as it was yesterday (73%). Placed orders segment is bullish with 67% of orders to open long positions.