USD/JPY is poised for gains from 98.73/49

An area below the spot price and until the 200-day SMA at 84.63 is littered with various supports, meaning that a path of least resistance is upwards, en route to the 2009 high at 101.44 that in fact poses a threat to the current bullish momentum. If this obstacle is overcome, the supplementary levels that could try to delay advancement of the pair are situated at 102.58 and 105.28.

Even more bullish towards USD/JPY traders have entered the market, driving the portion of long positions up to 71% and thus strengthening positive bias of market participants with respect to the pair. Among orders there is a clear dominance of the buy ones—their share amounts to 78%.