USD/JPY approaches 50% Fibo

USD/JPY is getting closer to a cluster of supports located between 101 and 100. In addition to 50% and 61.8% Fibonacci retracements, this area is also reinforced by the monthly S1, 200-day SMA and the long-term up-trend line. Accordingly, within these 100 pips we would expect the U.S. Dollar to stop declining and commence a robust recovery, as suggested by the monthly technicals.

A failure of USD/JPY to start moving north does not seem to be discouraging bullish market participants. At the moment of writing almost three out of four (74%) traders believe that the buck is going to gain ground. As for the orders, 65% are to purchase and the remaining 35% are to sell USD against JPY.