USD/JPY to re-test 90.16/12 from above

USD/JPY has commenced a bearish correction after hitting the up-trend resistance line. The initial support the pair is likely to meet is located at 90.16/12, also being the level of the previous peak, while we cannot rule out a fall down to 89.27/07. Once this phase is completed, the price will be set to continue the recovery, as suggested by a majority of technical studies.

Currently 59% of the SWFX marketplace participants are holding short positions, anticipating debasement of the greenback, being that it is now less frequently acquired than the Japanese Yen, which on average is bought in 66% of cases instead of the Dollar's 58%. As for the orders, 73% of them are buy and 27% are sell.