USD/JPY hovers above 200-day SMA

USD/JPY appears to be hesitant to continue its advancement in view of closeness to a presumably tough resistance at 102.27/19, consisting of the 55 and 100-day SMAs, among others. However, if the exchange rate manages to rise despite this obstacle, there will be a high probability of the recovery extending in the longer-term perspective, potentially to the January's high at 105.44, especially since the monthly outlook is currently bullish.

A little more than three out of four SWFX market participants (76%) believe the U.S. Dollar is going to appreciate against the Japanese Yen. As for the orders, 60% of traders are planning to acquire the buck 100 pips up and down from the spot price.