USD/JPY respects 98.43/97.94

USD/JPY felt the existence of the resistance at 98.43/97.94, but we still see a possibility for continuation of the rally up to the 100-day SMA at 99.13, this level is also reinforced by the monthly pivot point and the falling trend-line. There the currency pair is likely to start sliding downwards, back to the 200-day SMA, which in turn is not expected to be breached.

Regardless of the currency pair's behaviour, the traders' sentiment towards USD/JPY has been strongly bullish, being that the share of long positions has not fallen below 70%. Right now 74.5% of market participants wait for the U.S. Dollar to increase in worth relative to the Japanese Yen.