USD/JPY slides beneath 102.78/71

Although at first it appeared that USD/JPY will find support at 102.78/71, right now it is on the verge of violating this important demand zone. The U.S. Dollar will then have few reasons to turn around before it reaches the 38.2% Fibo of the October-December bullish run, despite the daily and monthly technical studies largely pointing to the upside.

An overwhelming majority (74%) of the traders believe that the buck is going to regain its bullishness and increase in value relative to the Japanese Yen. Meanwhile, the percentage of buy orders placed on USD/JPY is falling. While yesterday 71% of market participants were willing to purchase the U.S. Dollar, today—only 67%.