USD/JPY remains anaemic

Although the 18-month up-trend line continues to keep USD/JPY afloat, the currency couple remains unable to gather enough strength to commence a robust recovery. The resistance the pair is continuously failing at consists of the 55, 100 and 200-day SMAs, but there is also a supposedly dense supply area around 103—it is reinforced by the monthly R1. Accordingly, the buck needs to overcome these levels to confirm its long-term bullish intentions.

A substantial portion of the traders, namely 74% of them, remain convinced the greenback will outperform the Japanese Yen. In the meantime, the percentage of buy orders increased from 62% to 66%.