USD/JPY probes long-term up-trend

At the moment USD/JPY is testing the 16-month up-trend, a breach of which will most likely entail a sell-off down to the support line at 101. However, considering that most of the monthly technical studies are bullish, either the immediate support or the next one have a good chance of initiating a robust recovery, something that was absent the past two quarters. In case of a rally the first resistance is going to be the monthly PP and 55-day SMA.

The percentage of longs (71%) continues to fluctuate around its 10-day average (72%), which serves as evidence in favour of stability of bullish sentiment with respect to USD/JPY. The buy orders are also in majority, but with 67% of the total amount of commands.