USD/JPY hovers near the weekly S1

After a noticeable drop yesterday, USD/JPY slipped from a 98.50 level and reached the weekly S2 at 96.97, today the pair is influenced by bullish sentiments, as the price gains and is already close to the weekly S1 at 97.71. According to analysts' consensus, the pair should reach a 100 benchmark amid a monetary easing of the BoJ, therefore, only buy positions should be considered, as the pair might experience another strong upside movements soon.

SWFX participants boosted their bullish positions by 10% to 86% in total. The pair faced a notable correction based on weak Chinese data, but, according to investors, this is only a short-term factor. Placed orders market also delivers bullish exposure, since 67% of orders are ready to purchase the pair.