USD/JPY steps closer to 103.19

USD/JPY found support yesterday at 101.44, 2009 high, and now is able to carry on advancing towards the upper edge of the upward-sloping corridor it has been trading within since the end of the last year. This in turn means that a possibility of a bearish wave emerging increases, although the drop should be only a correction, limited by the up-trend support line at 99.98/51.

There have been no changes spotted with respect to the distribution between the long and short positions overnight, as the portion of the former stays at 70% and the portion of the latter at 30%. In the meantime, 80% of all orders placed on the pair are to acquire the U.S. Dollar against the Japanese Yen.