USD/JPY takes another crack at 120.00

The US Dollar appreciated against the Japanese Yen for the fourth day in a row, but was unable to pierce the resistance just under the 120.00 major level. Although the Greenback remains relatively strong and is outperforming the Yen in the hourly hours, risks of falling down persist. The 20-day SMA and the weekly PP are still a decent obstacle around 119.90. A breach of this level will doubtfully do any good for the USD/JPY, as a much stronger resistance cluster lies around 120.63, namely the area, which prevented the pair from rising higher for the past seven weeks.

Bulls keep gaining numbers, as 72% of traders are now long the Buck. The share of purchase orders now takes up 48% of the market.