USD/JPY pares recent losses

A similar situation to the current one was observed a month ago, when the price did slip below the up-trend support line, but has subsequently managed to return into the bullish channel. A resistance level at 97.81 has already been overcome and now there is the rising line in conjunction with the weekly pivot point and the 20-day SMA that block the path.

Despite weakness of the U.S. Dollar relatively to the Japanese Yen lately, an overwhelming majority (71%) of market participants anticipate further advancement of the currency pair. Moreover, the percentage of orders to acquire the greenback has risen to 72%, up from 67%.