USD/JPY soars to 103

Though the last few months there were serious doubts regarding USD/JPY's ability to break this year's down-trend, right now the currency pair is already trading 100 pips above it. Accordingly, we may now look at the 2012 Q2 high just above 104 as a potential target before 105.44. But there is a high chance of the price behaving bearishly in the near term. The possible retracement should be stopped either at 102.54/32 or at 101.93/78.

Despite the U.S. Dollar becoming more expensive, traders do not seem to be discouraged to open even more long positions—their percentage went from 67% up to 72%. However, concerning the orders, the portion of buy ones dropped from 63% to 47%.