USD/JPY about to hit 101.83/73

Slowly but surely the U.S. Dollar is outperforming the Yen, as it has received a bullish impetus after a test of 101. However, taking into account the number and toughness of resistances that USD/JPY has yet to breach, there are serious doubts whether the scenario implied by the monthly technical studies is going to be realised. But if the currency pair advances 100 pips North, the long-term bullish intentions will be confirmed.

As it turned out, weakness of the bullish sentiment towards USD/JPY was only transient, and now we are back to 70% of the SWFX market being long. However, at the same time the number of buy orders 100 pips from the spot fell from 60 to 53%.