USD/JPY gets closer to key support

USD/JPY failed to find support in the face of the weekly PP and 38.2% Fibo and fell last week. Nonetheless, there are strong supports nearby that may reverse the bearish tendency and trigger buying interest. One of them is the major rising line that merges with the weekly and monthly S1 levels and implies dense demand zone between 101.80 and 101.69. Meanwhile, there is a tough resistance at 102.72/70—100-day SMA and monthly PP.

Today market participants are even more convinced in bullishness of the U.S. Dollar than on Apr 25, as three out of four traders are currently long the currency against the Yen. There are now also more buy orders—70+% of the total amount of commands.