USD/JPY to test 98.82/73

Today USD/JPY has a high chance of posting a fourth bullish candle in a row, as it continues the surge initiated at the up-trend support line. Nonetheless, we must be wary of the possible dips, which might be triggered when the price reaches resistance at 98.82/73. The next hurdle the pair will have to overcome en route to 101.44, 2009 high, stands at 99.94/56—a local high plus the weekly R1.

Now we can say with certainty that a majority (75%) of market participants were right to assume that the recent dip from 99.68 to 96.58 was merely a bearish correction, which will be eventually offset by subsequent appreciation of the base currency. The ratio of buy-to-sell orders is 68% to 32%.