USD/JPY tramples on 94.71/47

The initial test of 94.71/47, the support area mainly formed by the Feb 11 high, did not lead to an immediate recovery, implying that the bearish momentum is not exhausted and most probably will continue to push the price lower. Once 94.71/47 gives in, USD/JPY is expected to target 92.29/09 or 91.61; however, for now it holds. There, as suggested by technical indicators, we may expect a change of the course.

Trader's expectations with respect to USD/JPY are strongly bullish. At the moment 74% of all the SWFX marketplace participants are holding long positions, believing that the price has already reached a bottom. As for the orders placed, 68% of them are to buy and 32% are to sell the buck against the Yen.