USD/JPY surges above 102

As the U.S. Dollar strengthened across the board, the resistance near 102 failed to contain the pair and thereby opened a path towards 103.01/102.78—the monthly R1 and the 100-day SMA. Accordingly, USD/JPY retains a bullish outlook in the long-term despite the difficulties faced so far this year, also considering that most of the monthly technical studies are pointing to the upside.

Traders have not yet reacted to a rally in USD/JPY. Just as yesterday, a substantial majority (71%) of the market participants believe the buck is going to increase in value relative to the Japanese Yen. As for the orders placed 100 pips from the spot price, there is virtually no difference between the numbers of buy (50%) and sell (50%) ones.