USD/JPY slowly approaches 100.31/99.82

USD/JPY slowly approaches 100.31/99.82

'A break through 100 yen in the near term has greatly increased after Friday's payrolls data because it indicated the economy is not as weak as many had feared.' - Commonwealth Foreign Exchange (based on CNBC)

Pair's Outlook

USD/JPY slipped ahead of the resistance at 100.31/99.82, which has been keeping the bulls at bay for the past month, hindering evolution of the longer-term up-trend. Respectively, there is an increased likelihood of dips appearing on the chart in the nearest future, which should be limited by the nearest supports, namely by 98.50/46, 97.81/65 and 96.70/59.

Traders' Sentiment

Even though overall popularity of the Japanese Yen has improved, as it is now acquired in 41% of cases (31% yesterday), the sentiment with respect to USD/JPY in particular did not experience any noticeable changes: 72% of positions are long and the rest 28% are short ones. The ratio between the buy and sell orders is 77% to 23% respectively.