USD/JPY stalls at 78.16/08

Even though 78.16/08 at first appeared to be incapable of halting USD/JPY, the price is increasing the distance from it at the moment. Nevertheless, the rebound should remain shallow, being that the currency pair has confirmed its intention to fall lower. Supports are at 77.85/84 and 77.66, while an initial resistance is rather far from the current price - at 78.68.

An absolute majority (71%) of SWFX market participants who have opened positions on USD/JPY are long on the pair, whereas 29% of them expect the greenback to depreciate relatively to the Yen. Additionally, 60% of orders placed on the pair are buy orders and 40% of them are sell orders.