USD/JPY disregards up-trend support

The rising support line that has been in force since the first quarter of 2013 failed to keep the up-trend intact. At the moment it even seems that the 200-day SMA at 101.65/43 is also unable to negate the downward momentum and could be breached as soon as today. If this is the case, the 50% Fibonacci retracement level of the November-December advancement will be one of the few supports left that are capable of restoring the bullish outlook on USD/JPY.

While the portion of the longs continues to grow, now it amounts to 74%, the advantage of buy orders over the sell ones at the moment is on the decline. Five days ago 69% of traders planned to purchase the buck, since then the figure has dropped to 62%.