USD/JPY stumbled over 95.22

USD/JPY is struggling to develop a rally, as a seemingly unimportant level at 95.22 has been preventing the price from stepping higher for the last few days. Once the pair steps higher, it is likely to aim for 96.37/36 first. Then the currency couple is expected to continue hunting for new highs. In the meantime, a rising support line at 94.60/47 should provide backup.

Being that the Japanese Yen is one of the least preferred currencies in the SWFX market at the moment, bought in merely 26% of cases across its crosses, an overwhelming majority (74%) of traders are long on USD/JPY. The ratio of the buy to sell orders is 73% to 27% accordingly.