USD/JPY is poised for additional gains

Even though we lack bullish signals provided by the technical studies, especially for the near term, a recent confirmation of the up-trend support line creates a bullish bias towards the currency pair. At the moment the price is closing the bullish gap, but should soon continue the rally begun last week. If the dip drags on, supports at 98.73/49 and 97.81/11 are to prevent further extension.

The portion of bullish market participants has declined, but insufficiently to change the overall bullish towards USD/JPY sentiments, since a substantial majority (73%) of positions are still long. At the same time the percentage of buy orders has increased up to 73% from 68% last week.