USD/JPY supported by 2014 lows

For now the support at 101.20 stands its ground, meaning there is still a chance, even though slim, the U.S. Dollar is going to recover from here. But the pair will have to breach a slew of tough resistance levels between 102 and 102.50 in order to confirm its bullish intentions. There are the long-term moving averages (100 and 200 days) and some of the major trend-lines. Once all of them are out of the way, the 2014 high could become a potential target.

A majority (70%) of the SWFX market participants believe the greenback is going to outperform the Japanese Yen. At the same time, the buying pressure is unlikely to subside, being that most (60%) of the orders are placed to purchase the buck against the Yen.