USD/JPY probes up-trend support

In order for the bullish momentum to stay intact, USD/JPY should remain above the support at 101.86, represented by the rising trend-line and monthly pivot point. Still, there will be a major obstacle at 102.22/05, formed by the 55, 100 and 200-day SMAs, which needs to be breached for the path to the monthly R1 to be opened. Otherwise, the sell-off may not subside until the price falls down to the monthly S1 at 100.71.

Despite any noticeable progress made by USD/JPY, the market stays explicitly bullish towards the pair, being that 73% of open positions are long, leaving the bears in a minority with only 27% of the market.