USD/JPY approaches 200-day SMA

Yesterday USD/JPY successfully closed above the resistance at 98.82/69, but at the moment it is retreating from a round level—99.00. If the U.S. Dollar weakens further against the Japanese Yen, then the 200-day SMA and the rising support line between 98.19 and 97.82 should stop the bearish tendency and rekindle a rally in this currency pair.

Apparently, the traders exploited depreciation of the greenback to acquire the currency at a lower price. The portion of bullish positions has increased from 66% to 69% during the last 24 hours, though there were no changes at all in the shares of buy (65%) and sell (35%) orders.