USD/JPY soars beyond 98.46

As expected, a dive below the support line did not signify a reversal of the major up-trend. Accordingly, if something similar occurs in the future, there will be a high chance that it is nothing but a temporary phenomenon. Only a deeper decline, most likely below the 100 and 200-day SMA, would mean that USD/JPY's long-term outlook has changed to a negative one.

Dominance of bullish traders (75%) over the bearish ones (25%) on USD/JPY has become even greater since the previous report, once the signs of the up-trend have re-emerged. Additionally, the percentage of buy orders has grown up to 74% from 72% at the end of the last week.