USD/JPY probes 102.40/19
USD/JPY is currently trying to restore its bullish outlook by gaining a foothold above 102.40/19, which consists of the long-term up-trend and 55 and 100-day SMAs. If this is the case, the U.S. Dollar will be set to appreciate, and the only significant resistances to interfere with the recovery up to this year’s high will most likely be the monthly pivot points at 102.55 and 103.79. At the same time, the 200-day SMA at 101.66 is supposed to stay intact.
A recent rally apparently encouraged some of the market participants, as they increased their exposure towards the greenback. The percentage of traders believing the currency is going to become more expensive in the future went from 71% to 75%.