USD/JPY pulls back

USD/JPY proved to be capable of rallying by approaching the rising trend-line, but the pair still remains weak, with only a few arguments speaking in favour of the price successively breaching 94.47/43 and 95.00/94.94, which in turn would reinstate its outlook as bullish. The nearest supports may be found at 93.26, the 20-day SMA, and at 92.89/66, a combination of the weekly and monthly pivot points.

In aggregate market participants are refraining from entering long positions on JPY, the share of which right now is 36%. However, in comparison to the greenback, it is even less preferred, bought merely in 28% of cases. Meanwhile, the gap between the buy (70%) and sell (30%) orders has slightly increased over the weekend.