USD/JPY plunges to 97.34

The down-side risks materialised in the form of a precipitous 70-pip long dip. However, the support area the rate is about to enter, namely the one between 97.34 and 96.67, is considered to be formidable enough to withstand the attempts of USD/JPY to descend lower, being that it consists of the monthly S1 and, more importantly, of the up-trend which has been underpinning the pair since the beginning of this year.

A significant change in the exchange rate did not notably affect the ratio between the long and short positions. Right now 72% of traders are betting on the U.S. Dollar and 28% - on the Japanese Yen.