USD/JPY cannot be stopped

Although at some point everything appeared to be over for the bulls, USD/JPY proved to be able to rally by breaking the 100-day SMA and seven-month down-trend. There are still the monthly R1 and 200-day SMA lying overhead, but now a possibility of further appreciation of the Dollar is notably higher than before. If the pair manages to get a foothold above 102.50, the 2014 high at 105.44 may be the next objective.

The share of long positions contracted even more, but there are still significantly more proponents of a rally in the market, namely 67% of the traders. As for the orders, 63% of them 100 pips from the spot are set to acquire the Buck against the Yen.