USD/JPY is poised for gains

Considering that USD/JPY has recently respected the up-trend that connects the minima charted since February and penetrated the key resistance at 98.50/33 (200-day SMA), the U.S. Dollar is set to strengthen against the Japanese Yen in the long run, as evidenced by the monthly technicals as well. The next objective for the pair is 99.36/10, it is created by the weekly and monthly R1 levels.

While the distribution between the bulls and bears has been subject to large changes in some of the other currency pairs, such as EUR/USD and GBP/USD, the generally positive attitude to USD/JPY remains intact—an overwhelming majority of open positions, namely 73%, are presently long.