USD/JPY turns around ahead of 92.23/09

Yesterday's 100-pip dip, a move a little short of reaching 92.23/09, is currently being pared. However, to fully offset the decline the pair will have to mount 93.54 and 93.88, the 55-day SMA. Moreover, there is a cluster of several resistance levels at 94.70/24 that will be considerably harder to overcome. Still, near and long-term technical indicators suggest that a rally is about to start.

A vast majority (72%) of traders continue to expect debasement of the Japanese Yen relatively to the U.S. Dollar and other main currencies as well, despite its recent tendency to appreciate. Meanwhile, the portion of buy orders on USD/JPY has gone up 4% to 65%.