USD/JPY oscillates beneath 55-day SMA

The story continues, as neither the bulls that see USD/JPY rising from 102 nor the bears that are defending the 55-day SMA seem to be willing to give in. And even though in the short run the downside risks are likely to dominate, as pointed out by the technicals, in the longer-term perspective a dense support area at 101.14/100.67 is expected to act as a line in the sand and trigger buying.

There was a significant drop in the share of bullish market participants, specifically four percentage points. Still, an overwhelming majority (71%) of the traders reckon that the U.S. Dollar is undervalued. Concerning the orders, 67% are to purchase and 33% are to sell the buck against the Yen.