USD/JPY steps down to 102.22/06 to gather strength

The greenback weakened ahead of the resistance at 102.91, but this is seen only as a temporary bearish correction before another bullish wave. The support at 102.22/06, consisting of the 55, 100 and 200-day SMAs, should be able to nullify the present downward momentum and subsequently send the price higher. Additional support is at 101.88/81 (monthly PP and down-trend), but is unlikely to be needed to come into play.

The distribution between the bulls and bears is virtually unchanged, as the former take up 72% of the market and the latter—28% of it. Meanwhile, the percentage of buy orders gained from 52% up to 60%.