USD/JPY recovers from 102.26/19

The U.S. Dollar managed to quickly recuperate after a failure at 102.61/55. Now the currency pair is getting ready to challenge the 100-day SMA and monthly PP once again, and it seems USD/JPY is not going to rest until the resistance they represent is broken. And while this idea is reinforced by the long-term technical indicators, there is almost no support on the part of the studies on the shorter-term time-frames.

An overwhelming majority of the SWFX market participants believe that the greenback is going to appreciate relative to the Japanese Yen in the future, since 72% of open positions are long the currency at the moment.