USD/JPY slips to 108

Despite the currency pair facing a number of supports yesterday, it nonetheless closed below the up-trend at 108.50, meaning the lower edge of the trading range in the medium term is rather 108. And if the latter level is broken as well, it may substantially complicate the situation for the bulls, since then USD/JPY will be in a position to sink as low as 106, where the monthly S1 and 55-day SMA coincide.

While the gap between the bullish and bearish traders widened compared to the previous report from 16 to 20 percentage points, the difference between the amounts of buy and sell orders became insignificant—10 after 32 percentage points.